Dimon Warns Interest Rates Could Climb to 8% as Banks Brace for Persistently High Inflation

Jamie Dimon, head of JPMorgan Chase, warned US interest rates could climb to 8% due to "persistent inflationary pressures"
Banks have prepared for a "very broad range" of interest rates from 2% to 8% or higher
Higher interest rates encourage saving, reduce borrowing, cool the economy, and ease price rise pressures
Dimon suggested rates could hit 7% last year and warns investors may be too confident rates will rapidly fall
US Federal Reserve expected to hold rates steady this month with potential cuts in June, while ECB may cut rates in June