JPMorgan's Dimon and BlackRock's Fink Warn High Debt, Bad Policy Driving '70s-Style Inflation; Brace for Rapid Rate Hikes

JPMorgan's Dimon and BlackRock's Fink see parallels to the 1970s in terms of high debt levels and bad policy driving inflation.

Dimon warned that interest rates could rise rapidly and urged preparedness. He was also critical of ESG being forced by governments.

Fink pointed to inflationary forces like supply chain issues, populism, immigration restrictions.

He noted the surge in US debt and Fed's balance sheet as inflationary.

Fink said neither hard nor soft landing expected for US economy due to ongoing fiscal stimulus.