Jamie Dimon, the CEO of JPMorgan, has warned that interest rates may best 8 percent, with his gloomy forecast coming as the most recent economic data show that inflation is rising.
In his yearly letter to shareholders on April 8, Mr. Dimon made the remarks that raised concerns about the potential for inflation to rise further and also expressing concern that deglobalization’s effects and the Biden administration’s continued deficit spending were escalating price pressures.
He wrote that” the business is being fueled by significant amounts of federal deficit spending and previous stimulus.”
The U.S. budget deficit surpassed$ 1 trillion in the first six months of fiscal year 2024, according to data from the Treasury Department, putting the federal government on course to close a fifth-straight five-year budget gap worth more than$ 1 trillion.
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