Jamie Dimon says there’s a chance the Fed could further hike rates instead of cutting
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Jamie Dimon, CEO of JPMorgan Chase, warns that the Federal Reserve may raise rates instead of cutting them, which would send shock waves through Wall Street and the economy. Dimon believes that the world is not prepared for higher rates. This view contradicts the consensus among economists who expect the Fed to begin cutting rates in September. Dimon's concern is based on the possibility of inflation being stickier than expected due to fiscal and monetary stimulus. He warns that higher rates and a recession could lead to stagflation. Dimon's warning aligns with the caution expressed by other finance executives, including Jane Fraser, CEO of Citigroup. Dimon's statement comes as a surprise as he recently hinted at the possibility of retiring in the next five years.
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https://fortune.com/2024/05/23/jamie-dimon-jerome-powell-base-rate-cut-could-raise/
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