From CNBC: 2024-07-12 07:49:54

Jamie Dimon, CEO of JPMorgan Chase, warned about persistent inflationary pressures despite recent signs of easing. He mentioned factors like fiscal deficits, infrastructure needs, and global remilitarization. Recent data showed a slight decrease in the monthly inflation rate, but consumer prices remain elevated, prompting concerns about interest rates.

Federal Reserve Chairman Jerome Powell hinted at potential rate cuts to support economic growth, citing progress on inflation as crucial. Dimon echoed Powell’s sentiments, emphasizing the need to address the growing U.S. debt and deficits. The federal government ran significant deficits in fiscal 2023 and 2024, highlighting ongoing challenges for the economy.

Read more: JPMorgan’s Jamie Dimon warns inflation and interest rates may stay higher