cryptocurrency

FedEx CEO warns of upcoming global economic slowdown

  • FedEx’s performance in the first quarter was less than expected.
  • Jamie Dimon, CEO of JPMorgan, voiced similar concerns a few weeks ago.

FedEx Executive Director Raj Subramaniam Predict a global economic slowdown in an interview with Jim Kramer on CNBC last Thursday. This forecast comes after Subramaniam disclosed that FedEx’s performance in the first quarter was below expectations. In addition, the company no longer provides annual forecasts.

When Cramer asked him if a global recession was imminent, the FDX CEO said, “I think so. But you know, these numbers, they don’t bode well.” In addition, he said FedEx stock fell 15% during the extended trading session Thursday.

Global recession soon?

According to FedEx’s new CEO, the company’s decline in performance is partly due to global economic uncertainty. He attributed the decline in revenues in the first quarter of 2022 to weak global demand. Later, he said, “We are a reflection of everyone else’s business, especially the high-value economy of the world.”

Subramaniam said:

“We’re seeing this volume drop in every sector around the world, and so you know, we’ve just started the second quarter. The weekly numbers don’t look good, so we’re just assuming at this point that the economic conditions aren’t really good.”

JPMorgan CEO Jamie Dimon expressed concern about the state of the US economy, saying that “something worse” than a recession was possible, a few weeks ago. The CEO warned that “storm clouds” are brewing over the global economy due to rising interest rates, quantitative tightening, oil prices, the conflict in Ukraine, and rising US-China tensions.

The prolonged crypto winter continues with almost all cryptocurrencies returning to their annual lows. Bitcoin is trading at less than $20K, and Ethereum took the worst hit after the merger, trading at $1,429.50 according to CMC.

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