Close Menu
  • Homepage
  • Local News
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
  • Business
  • Technology
  • Health
  • Lifestyle
Facebook X (Twitter) Instagram
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
Facebook X (Twitter) Instagram Pinterest
JHB NewsJHB News
  • Local
  • India
  • World
  • Politics
  • Sports
  • Finance
  • Entertainment
Let’s Fight Corruption
JHB NewsJHB News
Home»Finance»Exclusive: JPMorgan CEO says too early to declare victory against inflation
Finance

Exclusive: JPMorgan CEO says too early to declare victory against inflation

February 9, 2023No Comments3 Mins Read
Facebook Twitter Pinterest LinkedIn Tumblr Email
Share
Facebook Twitter LinkedIn Pinterest Email

MIAMI, Feb 8 (Reuters) – The chief govt of JPMorgan Chase & Co. (JPM.N), the most important U.S. financial institution, cautioned towards declaring victory towards inflation too early, warning the Federal Reserve might increase rates of interest above the 5% mark if greater costs ended up “sticky.”

Jamie Dimon’s warning got here after Federal Reserve officers mentioned extra fee rises are on the playing cards, though none had been able to counsel that January’s sizzling jobs report might push them again to a extra aggressive financial coverage stance.

In reference to inflation, Dimon mentioned “individuals ought to take a deep breath on this one earlier than they declare victory as a result of a month’s quantity seemed good.”

“It’s completely cheap for the Fed to go to five% and wait some time,” Dimon mentioned.

But when inflation comes down to three.5% or 4% and stays there, “you could have to go greater than 5% and that might have an effect on quick charges, longer charges,” he mentioned.

From a peak of practically 7% in June, the Fed’s most popular measure of inflation stood at 5% in December – properly above its 2% goal however heading steadily downward.

Newest Updates

View 2 extra tales

In a wide-ranging interview with Reuters, Jamie Dimon warned stricter regulation of bank card charges might immediate lenders to increase much less credit score. He additionally mentioned he deliberate to go to China, saying it was vital to take care of relations there.

[1/4] Jamie Dimon, Chairman of the Board and Chief Govt Officer of JPMorgan Chase & Co., gestures as he speaks throughout an interview with Reuters in Miami, Florida, U.S., February 8, 2023. REUTERS/Marco Bello

Dimon additionally mentioned a default on U.S. debt – a prospect the nation faces except its debt ceiling is raised – could be doubtlessly “catastrophic.”

“We can not have a default,” Dimon mentioned. It might trigger everlasting injury to America and “might destroy its future,” he mentioned.

President Joe Biden, in his handle to a joint session of Congress on Tuesday, urged Republicans to lift the $31.4 trillion debt ceiling, which should be lifted within the coming months to keep away from a default.

JPMorgan mentioned earlier it plans to rent greater than 500 bankers catering to small companies by way of 2024, boosting the financial institution’s workforce focusing on the phase by 20% from greater than 2,300 now.

Requested about JPMorgan’s plans for jobs given cuts at different Wall Road banks, Dimon mentioned the outlook for hiring stays up on the financial institution.

“We’re nonetheless opening branches and on the whole around the globe, we’re nonetheless hiring bankers, client bankers, small enterprise bankers, center market bankers, people abroad… we have now extra shoppers to cowl,” he mentioned.

Wall Road giants, together with Goldman Sachs Group Inc (GS.N) and Morgan Stanley (MS.N), have reduce 1000’s of jobs as a worsening financial outlook depressed dealmaking, whereas mortgage lenders have additionally trimmed workers.

Reporting by Lananh Nguyen; writing by Saeed Azhar; modifying by Deepa Babington

: .

Source link

CEO declare early Exclusive Inflation JPMorgan victory
Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Atlantic International Corp. (ATLN) Launches AI-Powered Workforce Intelligence Platform via Lyneer

May 31, 2025

Jamie Dimon vows to support Elon Musk

May 31, 2025

US SEC dismisses lawsuit against Binance crypto exchange

May 31, 2025

Truist Initiates Teva Pharmaceuticals (TEVA) Coverage with Buy, $25 Price Target

May 31, 2025
Add A Comment
Leave A Reply Cancel Reply

Editors Picks

May 31, the Tulsa Race Massacre begins

May 31, 2025

HJB Miner Launches Simple Cloud Mining Service, Bringing Passive Income, Bitcoin Price Rises

May 31, 2025

Axis Max Life Concludes Brand Transition with Domain Migration | Business News

May 31, 2025

Atlantic International Corp. (ATLN) Launches AI-Powered Workforce Intelligence Platform via Lyneer

May 31, 2025
Popular Post

Why JetBlue Stock Is Soaring and Spirit Airlines Is Plummeting Today

US Gaza Aid Pier Hit By Multiple Setbacks Due To Bad Weather

Rickey Smiley Accuses Katt Williams of Hurting His Family With Remarks on Shannon Sharpe’s Podcast

Subscribe to Updates

Get the latest news from JHB News about Bangalore, Worlds, Entertainment and more.

JHB News
Facebook X (Twitter) Instagram Pinterest
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
© 2025 Jhb.news - All rights reserved.

Type above and press Enter to search. Press Esc to cancel.