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Monday, June 5, 2023

JPMorgan CEO Believes It is Premature to Declare Victory over Inflation

Jamie Dimon suggested a stricter regulation of credit card fees

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Hrishita Chatterjee
Hrishita Chatterjee
Covering culture and trending topics

UNITED STATES: The CEO of the biggest US bank, JPMorgan Chase & Co., Jamie Dimon said that it is rather unwise to declare victory against inflation this early, stating that the Federal Reserve can augment interest rates over the 5% mark if higher prices result in “sticky” prices.

JPMorgan CEO’s warning followed after Federal Reserve officials concluded that more rate rises are on the cards, despite no one being willing to suggest that January’s hot job reports can shove them into a more ruthless monetary policy gesture.

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Dimon said in relation to inflation, “It’s totally appropriate for the Fed to move to 5%, and people should take a long breath on this one before they declare triumph because a month’s figure looked nice.”

Jamie Dimon suggested a stricter regulation of credit card fees that could prompt lenders to give out less credit. He added that his plans to visit China were important to maintain relations. He also said that the default on US debt would be “catastrophic.”

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JPMorgan CEO said, “We cannot have a default,” as it “could destroy its future.”

In a joint session of Congress addressed on Tuesday, President Joe Biden requested that Republicans raise the $31.4 trillion debt ceiling that would be reached in the coming months in order to avoid a default.

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JPMorgan CEO said that it had earlier plans to hire more than 500 bankers who would be taking care of an acre of small businesses through 2024, increasing the bank’s workforce target segment by 20%.

Dimon said, “We’re still establishing branches, and generally speaking, we’re still hiring bankers—consumer bankers, small company bankers, middle-market bankers, people from outside—because we need to serve more clients.”

Also Read: President Joe Biden Challenges Republicans on Debt and Economy


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