JPMorgan CEO warns higher inflation could push U.S. rates above 4.5%
2022.10.13 15:11
© Reuters. FILE PHOTO: JPMorgan Chase and Company President and CEO Jamie Dimon testifies before a Senate Banking, Housing, and Urban Affairs hearing on “Annual Oversight of the Nation’s Largest Banks”, on Capitol Hill in Washington, U.S., September 22, 2022. REUTER
NEW YORK (Reuters) – JPMorgan Chase & Co (NYSE:) Chief Executive Officer Jamie Dimon on Thursday warned that persistent and elevated inflation could spur interest rates to rise higher than 4.5%.
Consumers are in strong financial health, and are still spending robustly, he told attendees at the Institute of International Finance meeting in Washington.
“They can probably do that for another nine months before inflation and spending catches up with them, which is why I think you’re going to see a strong economy for a while.”
Thereafter, policy makers may have to increase interest rates to more than 4.5% to tame inflation, he said.
