Jamie Dimon said central banks 18 months ago got their economic forecasts “100% dead wrong” — and said it doesn’t matter whether the Fed hikes rates again this year. The out…
This may be the ‘most dangerous time’ in ‘decades’ warns JPMorgan CEOJamie Dimon said central banks 18 months ago got their economic forecasts “100% dead wrong” — and said it doesn’t matter whether the Fed hikes rates again this year.
“I don’t think it makes a piece of difference whether rates go up 25 basis points or more,” Dimon said during a panel at the Future investment Initiative summit in Riyadh, Saudi Arabia, per “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,” Dimon said in the discussion moderated by Carlyle Group co-founder David Rubenstein. JPMorgan boss Jamie Dimon threw shade at the Federal Reserve during a panel discussion at a conference in Saudi Arabia, suggesting that its benchmark federal funds rate doesn’t have as much weight on the US economy as central bankers make it seem.
“We will make the breakthroughs we need, but it’s going to be later and longer than we think due to our own basic incompetence,” Dimon said.Dimon said central banks got financial forecasting “100% dead wrong,” including when it predicted that 2022’s CPI would sit between 2.5% and 3% when it was actually more than double that figure.resilience of the labor market and consumer spending
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