It ‘lost control of inflation a bit’
JP Morgan Chase Chief Executive Jamie Dimon said on Thursday that curbing inflation remains a work in progress for the Federal Reserve, while the U.S. economy continues to show signs of strength. pointed out that
“I respect all [Fed Chair Jerome] Mr. Powell, but we actually lost a little bit of control over inflation,” Dimon said in an interview with CNBC’s Jim Cramer.half time reportThis is the first part of a two part interview with Kramer, part two will air on Thursday.slipping.”
Dimon’s comment is, The Fed has released the minutes of its meetings from Jan. 31 to Feb. 1indicating that members remain determined to fight persistent inflation.
“Participants noted that inflation data available over the past three months showed a welcome slowdown in the pace of monthly price increases, but there was little confidence that inflation continued its sustained decline. emphasized the need for substantially more evidence of progress across a wider range of price paths,” the minutes said.
Dimon himself said he expected interest rates to “probably” last longer as it could take “some time” for the central bank to reach its 2% inflation target. .
Still, JP Morgan’s CEO said he is currently not thwarting his recession strategy as he is encouraged by the strength of the US economy.
“The U.S. economy is doing really well right now. Consumers have a lot of money. They’re spending it. There’s a lot of work,” Dimon said. “That’s today. We have scary things ahead of us. You and I know there will always be uncertainty. That’s normal.”
These comments contrast Dimon’s earlier statements in October.At the time, he said the US economy would probably collapse. Recession in six months to nine monthsIn December, it said rising inflation was eroding consumer wealth. lead to recession this year.
The Fed declined to comment on the matter.
https://www.cnbc.com/2023/02/23/jamie-dimon-says-the-federal-reserve-has-lost-a-little-bit-of-control-of-inflation-.html It ‘lost control of inflation a bit’