JPMorgan's John Normand Says Next Recession Will Be Harder to Exit

What is the main concern regarding the twin deficits discussed in the first section?

• The impact of twin deficits on global trade

• The size of the twin deficit and the Fed's response

• The role of JP Morgan in managing deficits

• The historical significance of twin deficits

How does the speaker compare the current deficit situation to historical levels?

• The current situation is worse than 1985 and 2009

• The current situation is unlikely to reach 1985 or 2009 levels

• The current situation is similar to 1985 but not 2009

• The current situation is better than both 1985 and 2009

What is the expected nature of the upcoming recession according to the speaker?

• A recession driven by banking sector leverage

• A financial-led recession similar to the global financial crisis

• A recession that will be easy to exit due to ample fiscal space

• A recession with different sources of leverage compared to past cycles

Why does the speaker believe the Federal Reserve should not act prematurely in raising interest rates?

• To ensure immediate economic growth

• To align with global interest rate trends

• To avoid a policy mistake and maintain space to ease later

• To prevent inflation from rising

What is the predicted final level of Fed funds according to the speaker?

• Around 5%

• Around 3.5% to 4%

• Around 2%

• Around 6%