The chairman of J.P. Morgan & Co., which recently designated $587 million of Asia-related assets as nonperforming, told an audience of corporate treasurers this week that the region's woes could be worse than they expect.

Growth in the U.S. economy can be expected to slow "materially" in the second half of 1998, as the full impact of the Asian economic crisis becomes more apparent, said Douglas A. Warner 3d, chairman and chief executive officer of the New York banking company. "The Asian influence will be greater than we now imagine."

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