JPMorgan CEO Criticizes Central Banks for Inaccurate Forecasts and Urges Caution on 2023 Outlook

JPMorgan CEO Jamie Dimon criticized central banks for making inaccurate forecasts and having an "omnipotent feeling" about managing the economy.

Dimon said central banks were "100% dead wrong" 18 months ago in their predictions.

He urged caution about the economic outlook for 2023 due to high government spending and the potential for more rate hikes.

Dimon likened the current environment to the high inflation of the 1970s.

He said fiscal and monetary stimulus has put Americans on an "economic sugar high" and people should prepare for interest rates potentially reaching 7%.