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☆ A top economist explains why a US recession is still on the table
▼ + stars: | 2023-10-03 | by ( Phil Rosen | Madison Hoff | ) www.businessinsider.com time to read: +5 min

The US economy is showing signs of resilience, including from the labor market and consumer spending. The labor market has remained robust, steady economic growth is still there, and consumers have yet to buckle. "I think there's still risks gradually accumulating in the economy," Kimbrough said. AdvertisementAdvertisementConsumer and labor market risks loomA number of factors pose as headwinds for consumers, in the chief economist's view. Gregory Daco, EY's chief economist, also recently warned that there are headwinds impacting consumers, forcing them to perhaps cut back on spending.

Persons: isn't, —, Jeremy Grantham, Jamie Dimon, Karin Kimbrough, LinkedIn's, it's, Kimbrough, they've, Gregory Daco, Daco Organizations: Service, Chicago Fed, BlackRock, Labor, of Labor Statistics, Federal Reserve Bank of New York's Center, Microeconomic

☆ Premarket stocks trading: ESG has lost its meaning. One advocate says let's throw it in the trash
▼ + stars: | 2023-10-03 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

Dedicated ESG funds have also lost popularity with investors. Total assets under management in ESG funds fell by about $163.2 billion globally during the first quarter of 2023 from the year before, according to data provider Lipper. According to the latest Fed projections, officials forecast just one more interest rate hike this year — and rate cuts next year. When members of his board ask him whether interest rates could really go that high, his answer is always “yes,” he told Bloomberg. There are a lot of “potential bad outcomes,” Dimon said, but the worst-case economic scenario would be stagflation, with low growth and high interest rates.

Persons: “ ESG, ESG, What’s, Lipper, Lynn Forester de Rothschild, ESG “, ”, Rothschild, King Charles II, Bill Clinton, Archbishop of Canterbury Justin Welby, ’, Stephen Hall, Philip Morris, “, Robert Jenkins, Jenkins, Jamie Dimon, Dimon, It’s, ” Dimon, “ you’re, Satya Nadella, Brian Fung, Nadella, ” Nadella, else’s Organizations: CNN Business, Bell, New York CNN, Fox News, Republican, Biden, Council, Inclusive Capitalism, “ Investment, Better, CNN, Jamie Dimon JPMorgan, Federal, Bloomberg, Times, Microsoft, Google Locations: New York, Times of India, United States

☆ Hong Kong stocks have worst day in three months on worries about rates and real estate
▼ + stars: | 2023-10-03 | by ( Laura He | ) edition.cnn.com time to read: +4 min

Hong Kong CNN —Stocks in Hong Kong suffered their worst day in three months on Tuesday on growing concern about China’s weak housing market and persistently high US interest rates. Real estate stocks were once again among the heaviest losers in Hong Kong. Country Garden, one of the country’s largest property developers, sank 4.4%. Market sentiment was also weighed down by concerns that US interest rates could stay elevated after US Treasury yields hit a 16-year high. Yields on the 10-year US Treasury, which are considered a proxy for US interest rates, reached 4.7% on Monday, the highest since 2007.

Persons: Xu Jiayin, Nomura, “, JPMorgan Chase, Jamie Dimon, ”, Stephen Innes Organizations: Hong Kong CNN —, Energy Vehicle, Evergrande, Estate Information Corporation, Treasury, JPMorgan, Reserve, Federal, Nikkei Locations: Hong Kong, Beijing, Washington, Real, Shanghai, China, Asia

☆ JPMorgan CEO Jamie Dimon says our children will probably only work 3.5 days a week thanks to AI
▼ + stars: | 2023-10-03 | by ( Haley Tenore | ) www.businessinsider.com time to read: +3 min

JPMorgan CEO Jamie Dimon spoke with Bloomberg about how he thinks AI will impact the future of work. Dimon said that he thinks AI will eventually cut down the work week to three and a half days. Many leaders have been advocating for a 4-day workweek, with AI making this move more plausible. JPMorgan CEO Jamie Dimon thinks that the next generation of workers will only need to go into the office 3.5 days a week, thanks to AI. "Your children will live to 100 and not have cancer because of technology and they'll probably be working three and a half days a week," Dimon told Bloomberg.

Persons: Jamie Dimon, Dimon, —, Goldman Sachs Organizations: Bloomberg, Service, JPMorgan, Workers, Guild of America

☆ JPMorgan CEO Jamie Dimon says AI could bring a 3½-day workweek
▼ + stars: | 2023-10-03 | by ( Jennifer Liu | In Jljenniferliu | ) www.cnbc.com time to read: +2 min

JPMorgan Chase CEO Jamie Dimon is bullish on the benefits of artificial intelligence, which is already being used by thousands of employees at his bank, and he predicts it'll usher in the norm of a shortened workweek. "Your children are going to live to 100 and not have cancer because of technology," Dimon said Monday in an interview with Bloomberg TV. Dimon says the bank's investments in AI "will add huge value" and is being leveraged across the firm's research, trading, customer service and other functions. When asked if the technology is likely to replace some bank jobs, he responded that "of course" it will, but that "technologies always replace jobs." Tech innovations also create new jobs and opportunity: AI technology could improve labor productivity and boost global GDP by as much as 7% over time, Goldman Sachs' report noted.

Persons: Jamie Dimon, Dimon, Goldman Sachs, He's, JPMorgan Chase, autoworkers — Organizations: JPMorgan, Bloomberg, Pew Research Center, CNBC

☆ Sunny days for the US economy could end abruptly if these 2 'storm clouds' hit, JPMorgan's Jamie Dimon warns
▼ + stars: | 2023-10-03 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

The US economy is in good shape but there are "storm clouds" on the horizon, Jamie Dimon says. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementThe US economy is enjoying sunny weather, but a storm may be brewing on the horizon, JPMorgan CEO Jamie Dimon has warned. We don't know if they're going to hit, when they're going to hit, what they're going to do." Dimon advised people to be prepared for interest rates to hit 7%, and he didn't rule out a painful downturn.

Persons: Jamie Dimon, stagflation, —, Dimon, underscoring, isn't, Jane Fraser Organizations: JPMorgan, Service, Bloomberg, JPMorgan Tech, Federal, Fed, Citi, CNBC Locations: Russia, Ukraine

☆ Be prepared for 7% interest rates, warns Jamie Dimon
▼ + stars: | 2023-10-02 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +3 min

Most analysts say the central bank will raise interest rates just one more time, in November, by 0.25 percentage points from its current range of 5.25%-5.50%. However, Dimon told Bloomberg TV it’s possible the central bank will continue hiking rates by another 1.5 percentage points, to 7%. According to the latest Fed projections, officials forecast just one more interest rate hike this year — and rate cuts next year. Still, Dimon, who leads the largest bank in the United States, says Americans need to be prepared for interest rates to surge. There are a lot of “potential bad outcomes,” Dimon said, but the worst-case economic scenario would be stagflation, with low growth and high interest rates.

Persons: Jamie Dimon, Dimon, It’s, ”, ” Dimon, “ you’re, “ They’re, “ Organizations: New, New York CNN, JPMorgan, Federal, Bloomberg, Times Locations: New York, Times of India, United States, Ukraine, China

☆ Danger, 'pothole' ahead: Economic growth slowing to a near-halt to end the year
▼ + stars: | 2023-09-30 | by ( Jeff Cox | ) www.cnbc.com time to read: +6 min

Be it the United Auto Workers strike , the impending government shutdown or the resumption of deferred student loan payments , ominous barriers to growth have been lining up. "The economic headwinds are blowing, and they're blowing harder and harder," said Mark Zandi, chief economist at Moody's Analytics. JPMorgan Chase CEO Jamie Dimon recently cautioned clients that the Fed may have to take rates a good deal higher yet. Still, that's well rate above the central bank's 2% target, posing another potential headwind to growth. Despite the looming slowdown, consumers, who are pivotal to U.S. growth, have managed to hang in there.

Persons: Mark Zandi, Goldman Sachs, Goldman, Ronnie Walker, Alec Phillips, tumbles, Sam Stovall, JPMorgan Chase, Jamie Dimon, We're, Liz Ann Sonders, Charles Schwab, Jerome, Powell, They've Organizations: United Auto Workers, Moody's, UAW, Atlanta, JPMorgan, University of Michigan's, Commerce Department Locations: U.S

☆ Bill Ackman and Larry Fink see US Treasury yields hitting 5%: 'Like literally weeks'
▼ + stars: | 2023-09-29 | by ( Filip De Mott | ) www.businessinsider.com time to read: +3 min

Wall Street heavyweights Larry Fink and Bill Ackman see US Treasury yields reaching 5%. AdvertisementAdvertisementWall Street heavyweights Bill Ackman and Larry Fink see inflation remaining higher and expect US Treasury yields to soon hit 5%. On Friday, the 10-year yield pulled back to 4.565% after surging to its highest level since 2007 earlier in the week. AdvertisementAdvertisementAnd that could keep US Treasury yields higher as they move on expectations of Fed rate policy. Other commentators have also suggested higher yields, especially as a supply and demand imbalance exists in the Treasury market.

Persons: Larry Fink, Bill Ackman, Ackman, —, Fink, Jamie Dimon, Bill Gross Organizations: Service, Pershing, Capital, CNBC's, Alpha, BlackRock, Berlin, JPMorgan, Federal Reserve, Treasury

That means the relationship between the two nations is interlaced and complex and far more nuanced than much of the debate might have suggested. “We need a totally new approach to China,” DeSantis said in the first half hour of the debate. “We’re going to have economic independence from China, where we’re decoupling our economy.”But the two economies are in fact deeply intertwined, and still depend on each other despite rising tension. “The United States will, in certain circumstances, need to pursue targeted actions to protect its national security. “We benefit greatly from access to cheaper products, a wide array of products and products in some cases where China has a technological lead.

Persons: Ron DeSantis, Vivek Ramaswamy, Doug Burgum, ” DeSantis, “ We’re, Janet Yellen, ”, Gina Raimondo, Yellen’s, ” Raimondo, ‘, “, Laxman, Jamie Dimon, Tim Cook, Eric Zheng, Burgum, Vladimir Putin, China —, Biden Organizations: CNN, Florida Gov, North Dakota Gov, Republican, US, Elon, Tesla, Starbucks, JPMorgan, Apple, American Chamber of Commerce, Geological Service Locations: China, ”, United States, Beijing, Shanghai, Moscow, Washington

☆ Sam Bankman-Fried talked crypto with Jerome Powell the same month that the Fed chair met with JPMorgan and Goldman Sachs CEOs
▼ + stars: | 2023-09-28 | by ( Pete Syme | ) www.businessinsider.com time to read: +3 min

Sam Bankman-Fried met with Jerome Powell last year to discuss crypto, per the NYT. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAdvertisementJerome Powell, the chair of the Federal Reserve, once met with Sam Bankman-Fried to discuss crypto, The New York Times reported. Prior to the meeting, Wetjen sent the Fed chair some policy papers that FTX had recently published, according to the NYT. The FDIC and a spokesperson for Bankman-Fried did not immediately respond to Insider's request for comment, sent outside US working hours.

Persons: Sam Bankman, Fried, Jerome Powell, SBF, Martin Gruenberg, —, Mark Wetjen, Wetjen, FTX, Powell, stablecoins, cryptocurrencies, Goldman Sachs, David Solomon, Jamie Dimon, Morgan Stanley, James Gorman, Lael Brainard Organizations: Wall Street, Service, Federal Reserve, The New York Times, Commodity Futures Trading Commission, JPMorgan Chase, Times, Fed, National Economic Council, Federal Deposit Insurance Corporation, FDIC, Customers Locations: Alameda

☆ Insider Today: A Google loophole exposed
▼ + stars: | 2023-09-28 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

This post originally appeared in the Insider Today newsletter. In today's big story, we're looking at how a Google loophole brings advertisements for illegal drugs hosted on defaced government websites to the top of search results. Previously, that wasn't an issue since these web pages never appeared in Google searches because website owners restricted Google from indexing them. AdvertisementAdvertisementThe result is people using internal search functions to create webpages advertising drugs on websites viewed as trustworthy by Google. The Insider Today team: Dan DeFrancesco, senior editor and anchor, in New York City.

Persons: —, Jamie Dimon, Tom Brady, Kendall Jenner, Arantza Pena, Insider's Katherine Long, hasn't, Katherine, Paul Sancya, Glenn Kelman, Meta, Dwyane Wade, Victor, Jenny Chang, Rodriguez, ThredUp, Nancy Pelosi, Karlie Kloss, Spike Lee, Nattakorn, Dan DeFrancesco, Naga Siu, Hallam Bullock, Lisa Ryan Organizations: Service, Costco, Tech, Business, Google, Alcohol and Drug Foundation, Conference Board, JPMorgan, NBA, Amazon, Big Tech, Atlantic, ABC, Nike, Accenture Locations: Russia, Ukraine, Washington ,, New York City, San Diego, London, New York

☆ JPMorgan CEO Jamie Dimon warns the Russia-Ukraine war and other global clashes are the greatest threat to the world today
▼ + stars: | 2023-09-27 | by ( Theron Mohamed | ) www.businessinsider.com time to read: +3 min

Be ready for energy prices to spike and interest rates to climb higher, Jamie Dimon said. The JPMorgan CEO warns geopolitical threats like Russia's invasion of Ukraine are critical concerns. AdvertisementAdvertisementBe prepared for higher energy prices, steeper interest rates, and a potential economic hangover from a reduction in government spending, Jamie Dimon says. But Russia's invasion of Ukraine – and how it's reshaping global relations – is the number one threat to the world, according to the JPMorgan CEO. "I think people should be prepared for higher oil and gas prices, higher rates," Dimon told CNBC-TV18 on Tuesday.

Persons: Jamie Dimon, —, Dimon, we've Organizations: Service, Ukraine –, JPMorgan, CNBC, TV18, Federal Reserve Locations: Ukraine, Russia, European, China

☆ Stocks are oversold, but need rates to stabilize before luring back buyers
▼ + stars: | 2023-09-27 | by ( Bob Pisani | ) www.cnbc.com time to read: +3 min

Stocks are up modestly in early trading Wednesday, but the usual signals of volume spikes and higher volatility are still not present. Yet here we are, with the 10-year at 4.55% yesterday and looking like it wants to get to 5.0% fast. Total equity volume yesterday was 10.4 billion shares, well below the September 2022 average of 11.4 billion, and 3% below the average level even for August, a vacation month. Modest volumes, relatively low volatility with prices down notably means there is no selling panic, but there is a buyer's strike in stocks. They need to see rates come down before they have confidence to buy stocks again."

Persons: Chris Verrone, Morgan, Jamie Dimon didn't, Verrone, You'd, Mike O'Rourke, Neel Kashkari, Here's, I've, Alec Young Organizations: UAW, Jones Trading Locations: China, Minneapolis

☆ JPMorgan doubles down on startup banking by scooping up SVB veterans. Here's the bank's plan to take advantage of the venture capital slump.
▼ + stars: | 2023-09-27 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +6 min

The March implosion of Silicon Valley Bank created a banking vacuum in the startup world. In 2019, the group poached four executives from SVB to work with venture capital funds and their portfolio companies. But these plans were accelerated by the collapse as customers fled to JPMorgan from SVB as well as First Republic, which JPMorgan now owns. First Republic also served emerging venture capital firms, an untapped client segment for JPMorgan's commercial bank. In some aspects, the breakdown of SVB strengthened JPMorgan's appeal to tech upstarts that had previously eschewed too-big-to-fail banks, Smith said.

Persons: John China, Melissa Smith, Smith, playbook, Jamie Dimon, SVB, Darya, fintech Organizations: Valley Bank, JPMorgan, SVB, West Coast, Bay Area, Silicon Valley Bank, Capital, fintech Aumni, Capital Connect Locations: Beijing, Frankfurt, London, Stockholm, Sydney, Tel Aviv, Zurich, San Francisco, New York, Silicon Valley, West, SVB, Republic, Israel, fundraises

☆ CNBC Daily Open: Is tech the gift that keeps on giving?
▼ + stars: | 2023-09-27 | by ( Clement Tan | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. "I am not sure if the world is prepared for 7%," he told The Times of India in an interview. Leaders from the Writers Guild of America voted unanimously to end the strike on Wednesday. Under the agreement, AI cannot write or rewrite literary material and AI-generated material will not be considered source material.

Persons: Korea's Kospi, Jamie Dimon, Neel Kashkari, It's, Kamil Dimmich Organizations: CNBC, Nikkei, Dow Jones, JPMorgan Chase, Minneapolis Federal, Fed, Hollywood, Writers Guild of America, Writers, International Monetary Fund Locations: Asia, China, U.S, India, Hong Kong, Guyana, South America, it's

☆ CNBC Daily Open: Thinking about tech
▼ + stars: | 2023-09-27 | by ( Clement Tan | ) www.cnbc.com time to read: +4 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Alibaba unit IPO Alibaba plans to list its logistics unit Cainiao in Hong Kong, the Chinese e-commerce giant said in a regulatory filing on Tuesday. It's the first to announce listing plans among the six business units as a result of one of the most radical shake-ups in Alibaba's history . The company split its structure into six business units, and hopes most of them will be able to raise outside funds and go public.

Persons: Rene Haas, It's, Dimon, — Dimon, it's, Jerome Powell, Jamie Dimon, Neel Kashkari, Herman Narula, Narula, Alibaba Organizations: Arm, Nasdaq, CNBC, TV18, Dow Jones, Dow, Financial, Treasury, Federal, JPMorgan Chase, Minneapolis Federal, Tech Locations: New York City, Hong Kong, Ukraine, America, China, India, U.S, Minneapolis

☆ Morning Bid: Bond crush stifles markets as $134 billion hits
▼ + stars: | 2023-09-26 | by ( ) www.reuters.com time to read: +6 min

The yield spike has supercharged the U.S. dollar worldwide - both a reflection and aggravator of mounting financial stress far and wide. As Deutsche Bank notes, this is historically significant territory as the average of the 10-year yield going back to 1799 is around 4.50%. The Treasury sells $48 billion in two-year notes on Tuesday, $49 billion in five-year paper on Wednesday and $37 billion in seven-year notes on Thursday. Minneapolis Fed Bank President Neel Kashkari said on Monday the Fed probably needs to raise borrowing rates further. Private sector bankers are starting to brace for the worst, with JP Morgan chief Jamie Dimon reported overnight as warning: "I am not sure if the world is prepared for 7% (Fed rates)."

Persons: Jose Luis Gonzalez, Mike Dolan, South Korea's, Sterling, haven't, Neel Kashkari, Said Kashkari, Austan Goolsbee, JP Morgan, Jamie Dimon, Christine Lagarde, China Evergrande, Michelle Bowman, Christina Fincher Organizations: REUTERS, Federal Reserve, U.S ., Bank of Japan, South, Treasury, Deutsche Bank, Minneapolis Fed, Chicago Fed, European Central Bank, ECB, Dallas Fed's, Chicago Fed's, HK, Richmond Fed, Dallas Fed, Philadelphia Fed, Costco, Cintas, Thomson, Reuters Locations: Ciudad Juarez, Mexico, U.S, Wall St, Asia, Europe, Philadelphia, Washington

JPMorgan did not admit any wrongdoing in the settlement, which will give $55 million to Virgin Islands charities and the American territory's anti-trafficking efforts. The remaining $20 million will cover attorneys' fees incurred by the Virgin Islands as part of the litigation in federal court in New York. The Virgin Islands said the deal "includes several substantial commitments by JPMorgan Chase to identify, report, and cut off support for potential human trafficking, including establishing and implementing comprehensive policies and procedures." Virgin Islands Attorney General Ariel Smith said the agreement settles what was the first enforcement action against a bank for facilitating and profiting from human trafficking. The Virgin Islands previously obtained a $105 million settlement from Epstein's estate, and another $62.5 million from billionaire investor Leon Black to resolve potential claims related to Epstein.

Persons: JPMorgan Chase, Jeffrey Epstein, Ghislaine Maxwell, Rod Stewart, Cipriani, Joe Schildhorn, Patrick McMullan, Jes Staley, Epstein, Staley, Ariel Smith, Smith, Boies Schiller Flexner, Stephanie Keith, Leon Black, Jamie Dimon, Jed Rakoff, Virgin Organizations: JPMorgan, U.S . Virgin, Virgin Islands, Virgin, Barclays Plc, Bloomberg, Getty Images Bloomberg, Getty, Treasury Department Locations: New York, New York City, U.S, Manhattan, Virgin, Epstein's, Florida

☆ Jamie Dimon says India optimism is 'completely justified'
▼ + stars: | 2023-09-26 | by ( Hannah Ward-Glenton | ) www.cnbc.com time to read: +2 min

I think the optimism of India is actually completely justified," Dimon told CNBC-TV18's Shereen Bhan at the conference Monday . LONDON — JPMorgan Chase Chairman and CEO Jamie Dimon struck a bullish tone at the India Investor Summit, saying the optimism surrounding the country at the moment is "completely justified." The bank has increased its employee numbers in India from around 6,000 in 2005 to 60,000 today, Dimon added. India became the world's most populous country in April, with a total of 1.4 billion citizens, according to the United Nations. In his interview with CNBC-TV18, Dimon emphasized that it wasn't just a lack of confidence in China that was turning businesses towards India.

Persons: Dimon, Jamie Dimon, Narendra Modi, We're, It's, Morgan Stanley, Goldman Sachs, Olaf Scholz, Scholz, Modi Organizations: CNBC, LONDON, JPMorgan Chase, India Investor Summit, Indian, Accenture, McKinsey, Tata, United Nations, P Global, European Union, TV18 Locations: China, India, Japan, Germany, U.S, New Delhi

☆ Dow tumbles nearly 400 points, notching biggest one-day drop since March
▼ + stars: | 2023-09-26 | by ( Krystal Hur | ) edition.cnn.com time to read: +3 min

New York CNN —Stocks tumbled Tuesday after a slew of economic data stoked fears about the US economy’s cloudy outlook and further interest rate hikes from the Federal Reserve. The Dow Jones Industrial Average fell 388 points, or 1.1%, its biggest one-day decline since March. The stock market remains in a bull market, however — it would need to fall 20% from its peak to enter bear territory. “The Fed will see the reacceleration of house prices as a reason to keep interest rates higher for longer,” said Bill Adams, chief economist at Comerica Bank. JPMorgan Chase CEO Jamie Dimon said Tuesday in an interview with the Times of India that he is preparing the bank’s clients for a 7% interest rate scenario, further spooking investors.

Persons: Stocks, ”, Bill Adams, paring, Brent, JPMorgan Chase, Jamie Dimon, Moody’s Organizations: New, New York CNN, Federal Reserve, Dow Jones, Nasdaq, Comerica Bank, Fed, Silicon Valley Bank, Signature Bank, West Texas, JPMorgan, Times, Fitch Locations: New York, Times of India

☆ JPMorgan's Jamie Dimon warns of the risk of 7% interest rates: "Are you prepared?"
▼ + stars: | 2023-09-26 | by ( Joseph Wilkins | ) www.businessinsider.com time to read: +3 min

Jamie Dimon has warned that it's possible for US interest rates to rise as high as 7%. "If I was advising a company, I would say, are you prepared for 7% rates? AdvertisementAdvertisementJamie Dimon has warned that it's possible for US interest rates to surge as high as 7%, thanks to inflationary pressures stoked by factors including huge fiscal spending and the global energy transition. "I absolutely think they're possible," the JPMorgan CEO told the The Economic Times in an interview, referring to 7% rates. The Federal Reserve's benchmark interest rate is currently in the 5.25%-5.5% band, up 525 basis points since early 2022.

Persons: Jamie Dimon, —, Dimon didn't, I'm, Dimon Organizations: JPMorgan, Economic Times, Service, Federal Reserve Locations: disinflationary, China, that's

☆ JPMorgan CEO Jamie Dimon warns the world isn’t ready for 7% interest rate
▼ + stars: | 2023-09-26 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

New York CNN —JPMorgan Chase CEO Jamie Dimon is raising the specter of the war on inflation getting worse before it gets better. The comments added to ongoing nervousness on Wall Street, which has been fueled in large part by concerns about the Fed keeping interest rates high for longer. Since early last year, the Fed has rapidly raised interest rates from near zero to just over 5%. If they are going to have lower volumes and higher rates, there will be stress in the system,” Dimon said. Last week, Fed officials released projections that pencil in just one more interest rate hike this year before rate cuts next year.

Persons: Jamie Dimon, Dimon, ” Dimon, Dow, “, Warren Buffett, ” Organizations: New, New York CNN, JPMorgan, Times, Federal, Nasdaq, Fed, First Republic Bank Locations: New York, India, Mumbai, Times of India

☆ Dimon warns that the Fed could still raise interest rates sharply from here
▼ + stars: | 2023-09-26 | by ( Jeff Cox | ) www.cnbc.com time to read: +1 min

JPMorgan Chase CEO Jamie Dimon is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth. In fact, Dimon said in an interview with The Times of India that the Fed's key borrowing rate could rise significantly from its current targeted range of 5.25%-5.5%. "I am not sure if the world is prepared for 7%," he said, according to a transcript of the interview. If they are going to have lower volumes and higher rates, there will be stress in the system. To emphasize the point, Dimon referenced Warren Buffett's much-cited quote, "Only when the tide goes out do you discover who's been swimming naked."

Persons: Jamie Dimon, JP, JPMorgan Chase, Dimon, Warren Buffett's Organizations: JPMorgan Chase &, Chase, Business The, Miami, JP Morgan Chase Bank, JPMorgan, Federal Reserve, The Times, Fed Locations: Miami , Florida, U.S, India

☆ 'We have dealt with recessions before': Jamie Dimon says geopolitics is the world's biggest risk
▼ + stars: | 2023-09-26 | by ( Elliot Smith | ) www.cnbc.com time to read: +1 min

Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023. JPMorgan Chase & Co. CEO Jamie Dimon says geopolitics after Russia's invasion in Ukraine is the biggest risk, larger than high inflation or a U.S. recession. However, the war in Ukraine has polarized global powers and shows no sign of abating. I think it's also very important for the future of the free democratic world. Asked about the potential impact of this slump on the long-term prospects for China and the global economy, Dimon again suggested that Eastern Europe was the actual epicentre of risk, with the war in Ukraine straining relationships between economic superpowers.

Persons: Jamie Dimon, Dimon Organizations: JPMorgan Chase &, Reuters, U.S . Federal Reserve, CNBC Locations: Miami , Florida, U.S, Ukraine, India, China, Eastern Europe

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