US economy is like ship that could hit ‘slowdown or recession’


The U.S. economy is like a ship trying to navigate its way through difficult waters, JP Morgan Chase chief Jamie Dimon said Wednesday.

If policymakers get things right, the economy should be able to grow at close to a 2.5 percent rate, the head of the largest U.S. bank by assets told CNBC at the World Economic Forum in Davos, Switzerland.

“The U.S. economy is kind of like a ship that’s going it’s going, ex- the shutdown 2 to 2.5 percent and that’s going to keep going for a while,” Dimon said. “Then you have all this other noise, geopolitical noise, Brexit noise, what’s the Fed going to do, … shutdown, trade. They’re kind of buoys in the water in front of that ship. Eventually that may very well cause a slowdown or a recession.

“I don’t know 2020 or 2021, but the range of possibilities is broader and the range of bad outcomes is increasing.”

To make sure that ship doesn’t find danger, Dimon called on Washington officials to end the government shutdown and devise policies that work.