Posted 4/10/2024, 4:03:00 PM
JPMorgan Chase CEO Warns Interest Rates Could Rise Above 8%, But Bank Prepared for Range of Economic Scenarios
- JPMorgan Chase CEO Jamie Dimon warned interest rates could rise to 8% or higher in letter to shareholders
- Dimon said bank is prepared for range of rates from 2% to 8%+ and economic outcomes from growth to recession
- Worst-case would be stagflation with higher rates, credit losses, lower business volumes
- Despite cooling inflation, Fed has avoided cutting rates; sees recent data on jobs and prices as high
- Dimon cited factors like fiscal spending, global trade shifts that may drive persistent inflationary pressures