JPMorgan Chase chief executive Jamie Dimon has warned that US inflation and interest rates could remain higher than markets expect because of high government spending.
In his annual letter to shareholders, the head of the largest US bank by assets said JPMorgan had plans for interest rates going above 8 per cent and as low as 2 per cent.
“It is important to note that the economy is being fuelled by large amounts of government deficit spending and past stimulus,” Dimon wrote. “There is also a growing need for increased spending as we continue transitioning to a greener economy, restructuring global supply chains, boosting military expenditure and battling rising healthcare costs.
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