-
Premier League wedtips voor dit weekend - 8 mins ago
-
‘I don’t want to lose mum’, says 10-year-old girl in 999 call - 10 mins ago
-
Tobacco firms to pay $23.6bn in proposed Canada settlement - 19 mins ago
-
A Wounded Hezbollah Regroups With an Aim of Ending Israel’s Winning Streak - 21 mins ago
-
This rangebound precious metal is about to break out and see strong gains, says Carter Worth - 23 mins ago
-
Catterall names the world champion he wants next - 25 mins ago
-
Jersey cafe owner ‘loses £800 in foolish Oasis ticket scam’ - 29 mins ago
-
Lifeguard recounts off-duty rescue of teen lost at sea off Hawaii - 39 mins ago
-
Steelers Mike Tomlin Non-Commital About Which Quarterback Will Start Sunday - 41 mins ago
-
You're Not Paranoid. The Market Is Out to Get You. - 42 mins ago
JPMorgan’s Jamie Dimon warns inflation and interest rates may stay higher
Jamie Dimon, President & CEO,Chairman & CEO JPMorgan Chase, speaking on CNBC’s Squawk Box at the World Economic Forum Annual Meeting in Davos, Switzerland on Jan. 17th, 2024.
Adam Galici | CNBC
JPMorgan Chase CEO Jamie Dimon on Friday issued another warning about inflation despite recent signs of easing in price pressures.
“There has been some progress bringing inflation down, but there are still multiple inflationary forces in front of us: large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,” Dimon said in a statement along with the bank’s second-quarter results. “Therefore, inflation and interest rates may stay higher than the market expects.”
His comments came after this week’s data showed the monthly inflation rate dipped in June for the first time in more than four years, which fueled bets that the Federal Reserve could cut rates soon.
The consumer price index, a broad measure of the costs for goods and services across the U.S. economy, declined 0.1% in June from May, putting the 12-month rate at 3%, around its lowest level in more than three years.
Fed Chairman Jerome Powell earlier this week expressed concern that holding interest rates too high for too long could jeopardize economic growth, teasing that rate reductions could be on the horizon as long as inflation continues to show progress.
Dimon joined many economists in sounding the alarm on burgeoning U.S. debt and deficits. The federal government has so far spent $855 billion more than it has collected in the 2024 fiscal year. For fiscal 2023, the government’s deficit spending came in at $1.7 trillion.
Source link