Jamie Dimon Issues Dire Warning About Economy: ‘Money Is Running Out’

JPMorgan Chase CEO Jamie Dimon has issued a fresh recessionary warning for the U.S. economy, saying that while consumers still appear to be in “good shape,” the trillions of dollars in extra money they got during the pandemic are running out and the government is running a “huge” deficit that will affect markets, scuppering any “soft landing” scenarios. Mr. Dimon made the remarks in an interview on Fox News’ “Mornings with Maria” on Tuesday, in which he pointed to a range of factors affecting the economy that he expects to culminate in a recession. “It might be [a] mild recession or heavy recession,” Mr. Dimon said, noting the persistence of inflationary factors like the Biden administration’s massive borrow-and-spend initiatives and rejigging of supply chains as globalization unwinds, which threaten to lead to stagflation—a dreaded double-whammy of economic contraction plus high inflation....