JPMorgan CEO Jamie Dimon predicted there's more economic pain in the coming months due to President Donald Trump's tariffs, warning that complacency in the markets is masking the full future impact, according to reports.
Dimon said he expects earnings estimates for S&P 500 companies to fall to 0% in six months, spurring a drop in stock prices along with it.
"I think earnings estimates will come down, which means PE will come down," Dimon said, referring to the "price to earnings" ratio, CNBC reported.
Dimon made the comments at JPMorgan's investor day in Manhattan, where shareholders also met with potential successors to Dimon, who announced last year he would be retiring in less than five years.
Dimon addressed the markets' bounceback from Trump's tariffs taking effect on April 2. Dimon warned against the markets' rebound when Trump paused the tariffs for 90 days in order to craft trade deals. He pointed to the 10% tariffs that were left in place, saying that hasn't happened since 1971, The Wall Street Journal reported.
"We have huge deficits; we have what I consider almost complacent central banks. You all think they can manage all this. I don't think" they can, he said.
"My own view is people feel pretty good because you haven't seen effective tariffs" yet, Dimon said, according to CNBC. "The market came down 10%, [it's] back up 10%; that's an extraordinary amount of complacency."
Mark Swanson ✉
Mark Swanson, a Newsmax writer and editor, has nearly three decades of experience covering news, culture and politics.
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