JPMorgan Chase CEO Jamie Dimon said that current economic conditions will likely push the U.S. into a recession in the next six to nine months, amid "very serious" headwinds like inflation, rising interest rates, quantitative tightening and the war in Ukraine. Speaking to CNBC, the head of JPMorgan also warned that markets could become "disorderly" as volatility increases in the face of a fast-changing economic situation. Looking at near-term circumstances, Dimon said the current economy was still doing well but faced significant headwinds that he thinks have already pushed Europe into a downturn.
Realtors, mortgage brokers, and appraisers across the US are bracing for widespread job cuts as home sales plummet amid rising interest rates. For those who work in and around the housing market, the effect of aggressive moves by the Federal Reserve to reduce inflation has been swift and severe. Realtors, mortgage brokers, appraisers, and construction groups say they have lost as much as 80 per cent of their revenue since the Fed started raising rates in March. A record 1.5mn Americans worked as real estate agents during the height of the market last year. Some 156,000 people joined the National Association of Realtors in 2020 and 2021 alone. That is 60 per cent more than in the two years before.
The International Monetary Fund predicts global growth will slow to 2.7% in 2023.The worst is yet to come, and for many people 2023 will feel like a recession the report reads. Its GDP estimate for this year remained steady at 3.2%, which was down from the 6% seen in 2021.