Per Fortune
JPMorgan says Feds are past the point of no return: 'a soft landing now looks unlikely'
3/22/2023
JPMorgan has given new forecasts regarding the recession, and in a recent statement, they said that the Feds were past the point of no return. This came as the firm was among the multiple banks that had to rewrite their recession forecasts.
While the economy experienced small victories against inflation, the collapse of Silicon Valley Bank caused all those gains to drop in just two weeks. JPMorgan strategists led by Marko Kolanovic, the bank's chief global market strategist, gave a note to clients, highlighting the bank's thoughts on the Feds.
After saying that the Feds were past the point of no return, JPMorgan said that a soft landing would look unlikely. In the note to clients, the bank commented that a soft landing would be unlikely due to different factors.
“A soft landing now looks unlikely, with the airplane in a tailspin (lack of market confidence) and engines about to turn off (bank lending).”
JPMorgan also described how the conditions are looking to tighten despite central bankers successfully containing the situation. The note said that the reason behind the rapid tightening are the markets and regulators.
The analysts then cited a quote from Vladimir Lenin.
"There are decades where nothing happens; and there are weeks where decades happen"
Earlier this year, JPMorgan Chase decided to shut down a website it bought for $175 million called Frank. The website was bought with the initial notion that it had millions of students using the service, but it was found that these student numbers were fraudulent.
In August of 2022, JPMorgan traders Michael Mowak and Gregg Smith were found guilty of spoofing the market. These included detailed trading records, chat logs, and testimony by former workers.
They were found guilty of using a scheme to manipulate futures on metals like gold, silver, platinum, and palladium from 2008 and 2016. During that time, the Justice Department focused more on spoofing and commodities manipulation.
See flow at unusualwhales.com/flow.
Other News:
- JPMorgan Chase Shuts $175M Worth 'Frank' Website After Fraudulent Student User Count
- JPMorgan traders found guilty of spoofing the market
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