Tough times are ahead, former Chase chief economist warns

Former Chase chief economist Anthony Chan reacted to JP Morgan Chase CEO Jamie Dimon’s warning of a looming economic "hurricane," warning that he, too, believes "tough times are ahead." 

Speaking on "Varney & Co." on Tuesday, Chan also argued that there is "no doubt" that the risk of recession has increased for 2023. 

Dimon, who said at the beginning of May there were storm clouds forming on the economic horizon, ratcheted up his warning last week, 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," he continued. "[But] 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."