As the 3rd-quarter reporting season begins, markets are bracing for signs of a recession that could send stocks into a deeper bear market

Main Idea: Jamie Dimon warned that the economy is close to a recession and that stocks could fall further as the Federal Reserve keeps raising rates.

Key Points:

• Dimon said higher inflation, fast-rising interest rates, and Fed bond reductions are increasing the risk of a U.S. downturn.
• He warned that stocks could drop another 20% and said recession could hit within six to nine months.
• The article says markets are also watching new inflation data and Fed meeting minutes for clues about the next big rate hike.
• Other market voices were mixed, with some calling for more stock losses and others saying prices may already reflect weaker earnings.