Central banks failed to foresee inflation coming at them 18 months ago and got their financial forecasting '100% dead wrong,' JPMorgan Chase CEO Jamie Dimon said at the economic conference in Riyiadh, Saudi Arabia.
Central banks failed to foresee inflation coming at them 18 months ago and got their financial forecasting “100% dead wrong,” JPMorgan Chase CEO Jamie Dimon said at the economic conference in Riyiadh, Saudi Arabia, Bloomberg reports.
“Fiscal spending is more than it’s ever been in peacetime and there’s this omnipotent feeling that central banks and governments can manage through all this stuff,” he said in a panel discussion on future investments. “I am cautious about what will happen next year.” “I don’t think it makes a piece of difference whether rates go up 25 basis points or more,” he said. “Whether the whole curve goes up 100 basis points, be prepared for it. I don’t know if it’s going to happen.”
Goldman Sachs strategists say that if the Fed funds rate remains at its current 5.25%-5.5% level or higher, the U.S. economy could shrink by 0.5%, the New York Post reports.
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