Dimon says Fed should hold off on rate cuts as global spending mounts
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.
JPMorgan’s Jamie Dimon said the transition to a “green economy” required a “tremendous amount of spending”, while nations were also “re-militarising” to safeguard trade lanes and oil and gas pipelines. These cost burdens facing allied governments such as Australia and the US heightened the focus on central banks, which are pressured to cool inflation.
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