JPMorgan Chase’s Dimon still sees 35%-40% chance of soft landing – report

JPMorgan Chase (NYSE:JPM) Chairman and CEO Jamie Dimon said on Wednesday that he hasn’t changed his view that there’s a 35%-40% chance that the U.S. economy will achieve a soft landing.

“I’m hoping it’s soft,” he said in an interview on CNBC, “As a business, you have to be prepared for all potential outcomes.” On the bright side, he noted that America is resilient. “America is alive and well.”

Dimon said he’s a bit of a skeptic about the Federal Reserve getting inflation down to 2%.

Regarding increasing credit card delinquencies, credit card losses have normalized, and aren’t signaling a recession, Dimon said. “That doesn’t mean they can’t get worse from here.”

Speaking about his eventual transition outside of JPMorgan (JPM). “Eventually, I have to leave,” he said, but added that he has a while to go before then.

He refused to answer whether he would join the cabinet if asked by the next administration, Dimon said, “I love what I’m doing now.”

AI, machine learning, and data will transform industries. The technology has improved fraud detection and financial transactions. “It will only get better,” he said.

It “may very well reduce some jobs, but it will create other jobs,” he said. He also expects AI will be regulated.

One of the biggest dangers of AI is its use in political disinformation, he added.

JPMorgan (JPM) stock rose 1.0% in afternoon trading.