Jamie Dimon sounds alarm over 'persistent' inflation, Fed policy
JPMorgan Chase CEO Jamie Dimon on the Federal Reserve's rate trajectory, 2024 economy, looming bank regulations and artificial intelligence.
JPMorgan Chase CEO Jamie Dimon on Friday warned that several headwinds, including chronic inflation, Federal Reserve policy and ongoing wars, pose major threats to the U.S. economy.
«Many economic indicators continue to be favorable,» the chief executive of America's largest bank said in a release announcing first-quarter earning results. «However, looking ahead, we remain alert to a number of significant uncertain forces.»
Those risks include the «unsettling» global landscape, including «terrible wars and violence» that cause suffering, as well as worsening geopolitical tensions.
Dimon also sounded the alarm about a «large number of persistent inflationary pressures» that may continue. While inflation has fallen considerably from a peak of 9.1%, progress has largely flatlined since the summer.
WHY ARE GROCERIES STILL SO EXPENSIVE?
JPMorgan Chase CEO Jamie Dimon attends a hearing on oversight of Wall Street firms before the Senate Committee on Banking, Housing, and Urban Affairs in Washington, D.C., on Dec. 6, 2023. (Aaron Schwartz/Xinhua via / Getty Images)
The latest consumer price index data, released Wednesday morning, further fueled concerns on Wall Street about the state of inflation.
The report showed that inflation rose 3.5% in March, the highest level since September 2023, amid a resurgence in gasoline and rent costs. It marked the third straight month that inflation came in hotter than expected, underscoring the difficulty of taming price growth.
Other parts of the report also pointed to stubborn price pressures within the economy. Core prices, which exclude the more
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