JPMorgan Chase CEO Jamie Dimon has expressed concerns about the Federal Reserve potentially raising interest rates to 7% and the possibility of the U.S. experiencing stagflation. In an interview with the Times of India, Dimon discussed various aspects of the U.S. economy and the impact of further interest rate hikes. When asked about the possibility of a hard landing, Dimon stated that there is a range of outcomes and that it will be affected by global factors such as Ukraine, oil, gas, war, and Europe. He emphasized the need for caution and highlighted the importance of addressing serious issues over time, as well as the limited sustainability of deficits. Dimon also warned about the stress in debt repayments that comes with sharp increases in interest rates, and noted that while a rate increase from 0% to 5% took some by surprise, 5% was not considered out of the realm of possibility. Dimon expressed even greater concern about interest rates rising to 7% and stated that the worst case scenario is 7% with stagflation.
Earlier this month, Dimon also warned about a possible recession and criticized the belief in the long-term booming of the U.S. economy. In addition to discussing interest rates, Dimon commented on the question of whether cryptocurrency should be banned. While he acknowledged the potential value of cryptocurrencies that serve a purpose such as enabling smart contracts or facilitating easy data movement, he argued that cryptocurrencies posing as currency and claiming to be a store of value are fraudulent and should be shut down.
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