Dimon Urges Fed Patience Despite Warning of 50% Recession Risk

Dimon says the Fed should wait to cut interest rates because the economy is "kind of booming" with low unemployment and rising wages.

He questions optimistic economic data, saying it should be taken "with a grain of salt" due to COVID distortions.

Dimon says the Fed's credibility is "at stake" so they should wait and let things play out before cutting rates.

He pushes back on Wall Street's optimism, saying the chance of a soft landing is only 50% in his view.

Dimon warns that stagflation - low growth and high inflation - is a bigger concern than recession.