Monday, May 27, 2024
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Bank CEO Jamie Dimon: US Interest Rates may Increase to 8%

The head of JPMorgan Chase, Jamie Dimon, stated that his organization is ready to increase interest rates due to “persistent inflationary pressures.”

To slow the rise in prices, central banks all over the world have been actively hiking interest rates. However, since US inflation has been declining steadily, rate cuts by the Federal Reserve this year are widely anticipated.
The markets price in two quarter-point rate reductions in 2024.

Mr. Dimon stated in his yearly letter to shareholders that the bank was prepared for a “very broad range” of rates, ranging from 2% to 8% or even more, which might be increased due to increased government expenditure and the need to slow down price increases.
The remarks made by Mr. Dimon coincide with US interest rates being at their highest point in almost two decades, hovering around 5.25 to 5.25%.

Higher interest rates discourage borrowing for company and household investments and encourage saving by making borrowing more expensive. This cools the economy and lessens the pressure on prices to rise.

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