Already a subscriber?The chief executive of the United States’ largest bank says he would keep interest rates high in the near term to ward off the inflationary effects of economies spending billions on international trade, the energy transition and national defence.
Mr Dimon, whose bank oversees some $US3.9 trillion in assets, was more concerned about ongoing conflicts in Ukraine and the Middle East, and the flow-on effects these wars had on oil prices, arms trades from countries such as Iran or North Korea and China being on “the wrong side” of geopolitical tensions.
“The whole thing, it is going to be nerve-wracking,” Mr Dimon said, adding that JPMorgan had drafted a paper highlighting the potential differences in policy between administrations. He said the poorest 25 per cent of Americans were likely to have lost their jobs during COVID-19, or could not afford to pay their medical bills.