JPMorgan’s Jamie Dimon is worried about ‘stickier inflation and higher rates’
JPMorgan Chase (JPM) CEO Jamie Dimon said in a new shareholder letter Monday that he is worried about a number of risks to a resilient US economy that could “lead to stickier inflation and higher rates than markets expect.”
He cited large amounts of government spending and efforts by the Federal Reserve to shrink its balance sheet, as well as the ongoing wars in the Middle East and Ukraine and their potential to disrupt essential commodities markets, migration and geopolitical relationships.
“These significant and somewhat unprecedented forces cause us to remain cautious,” he added, noting that the bank is prepared for interest rates “from 2% to 8% or even more.”
The CEO of the largest US bank used his 61-page letter to sound off on a number of topics — from banking and AI to global economic risks and geopolitical concerns to management lessons and ways to strengthen the country.
