Jamie Dimon, President and Chief Executive Officer of JPMorgan Chase & Co., speaks on CNBC’s Squawk Box at the World Economic Forum Annual Meeting on January 17, 2024 in Davos, Switzerland.
Adam Galich | CNBC
JPMorgan CEO Jamie Dimon The warning about inflation was renewed on Friday despite recent signs that price pressures have eased.
“There has been some progress in lowering inflation, but multiple inflationary forces remain before us: huge fiscal deficits, infrastructure needs, trade restructuring and the remilitarization of the world,” Dimon said in a statement. Second quarter results. “As a result, inflation and interest rates are likely to remain higher than market expectations.”
His comments come after data this week showed Month-on-month inflation rate fell in June That’s the first time in more than four years, fueling bets that the Fed could cut interest rates soon.
this consumer price indexA broad measure of the cost of goods and services across the U.S. economy fell 0.1% in June from May, with the 12-month growth rate at 3%, close to the lowest level in more than three years.
Fed Chairman Jerome Powell earlier this week express concern Keeping interest rates too high for a long period of time could jeopardize economic growth and suggest that rate cuts are possible as long as inflation continues to show progress.
Dimon joins many economists in sounding the alarm about America’s growing debt and deficits. So far, the federal government has spent $855 billion more than it took in in fiscal 2024. In fiscal year 2023, government deficit spending will be $1.7 trillion.
