The Federal Reserve and the government were right to take bold actions amid the pandemic, but stimulus probably lasted too long, said Dimon. He believes the rate rises needed to rein in inflation would be “significantly higher than the markets expect.”
JPMorgan economists think that the euro area, highly dependent on Russia for oil and gas, will see GDP growth of roughly two per cent in 2022, instead of the 4.5 per cent pace expected just before the invasion began. By contrast, they expect the U.S. economy to advance roughly 2.5 per cent versus a previously estimated 3%, Dimon wrote.
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