- The chief executive of JPMorgan was disappointed with the work of the chair of the Fed, Jerome Powell.
- Dimon clarified that the Federal Reserve will surely keep rates high for longer because it will not be easy to reach the 2% annual target.
- In any case, the CEO of the bank stressed that “the US economy at the moment is working quite well.”
JPMorgan CEO Jamie Dimon said Thursday that the Federal Reserve is losing its battle against inflation, while also adding that the US economy remains strong.
“I have all the respect for [the president of the Fed, Jerome Powell, but the fact is that we lost control of inflation a little bit”, he clarified to CNBC.
The latest inflation report showed an unexpected jump, so it could be expected that the Federal Reserve will continue with its aggressive policy.
The Fed minutes released this week said that “inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases, but emphasized that much more evidence of progress would be needed over a broader range.” prices to be sure that inflation was on a sustained downward trend. way”.
Dimon believes interest rates will stay higher for longer as the Fed may take quite a few months to hit the 2% annual inflation target.
Still, the bank’s CEO is optimistic that the United States is likely to avoid a recession.
“The US economy right now is doing pretty well. Consumers have a lot of money. They are spending it. There are many jobs. That is today. In front of us, there are some terrifying things. You and I know that there is always uncertainty. That’s normal.”
Dimon.
These comments come when in December he had said that the recession was inevitable between July and October of this year.
