Intercessors need to pray for our economy because it affects all aspects of the country and its citizens’ lives.

From Fox Business. JPMorgan Chase CEO Jamie Dimon warned of a looming economic “hurricane” caused by an increasingly hawkish Federal Reserve, rising inflationary pressures and the Russian invasion of Ukraine.

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Dimon – who said at the beginning of May there were storm clouds forming on the economic horizon – ratcheted up his warning on Wednesday, citing fresh challenges facing the Fed as it seeks to tame the hottest inflation in a generation.

“I said there were storm clouds. But I’m going to change it. It’s a hurricane,” he said during a conference hosted by AllianceBernstein Holdings. “Right now it’s kind of sunny, things are doing fine, everyone thinks the Fed can handle it. That hurricane is right out there down the road coming our way. We don’t know if it’s a minor one or Superstorm Sandy. You better brace yourself.”

There are two main issues that Dimon said are worrying him: The Federal Reserve moving to unwind its $8.9 trillion balance sheet, deploying a less-known tool known as quantitative tightening that will further tighten credit for U.S. households as officials try to tame red-hot inflation.

The rundown of the Fed’s portfolio is poised to begin on Wednesday at an initial combined monthly pace of $47.5 billion. The Fed will increase the runoff rate to $95 billion by September, putting the central bank on track to reduce its balance sheet by about $3 trillion over the next three years….

The second matter weighing on Dimon is the Russian-Ukraine war and its effect on the price of commodities like food and oil. The bank CEO said that oil could hit $150 or $175 a barrel as a result of the conflict, which began in late February. Brent crude, the benchmark, is currently selling for $116 a barrel….

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(Excerpt from Fox Business. Photo Credit: Canva)