“I am on the side that it may not be enough”, Dimon said. “It takes a while to get going. He caught up. I don’t think there is any harm if you wait three or six months.”
The chief executive of America’s largest bank made his comments ahead of the US inflation data. that will be published this Thursday and the results of the fourth quarter of the main banks that begin on Friday.
Federal Reserve policymakers slowed their rate hikes last month, raising borrowing costs by 50 basis points after four consecutive 75 basis point hikes. The objective of the reference rate is between 4.25% and 4.5%.
The wide-ranging interview took place Monday at JPMorgan’s annual healthcare investment banking conference in San Francisco, the first time it had been held in person since before the pandemic. Dimon, who has been an advocate for employees to come to the office, said that about 60% of JPMorgan’s staff are there full-time and that “about the rest” are there half the time.
As for the economy, Dimon reiterated comments he’s made for much of the past year, stating that, although the consumer remains strong, greater risks remain. He cited the impact of the Russian invasion of Ukraine and quantitative tightening. “Their balance sheets are in good shape. They are spending 10% more than before COVID”Dimon said.
While its peers, including Goldman Sachs Group Inc. and Morgan Stanley, are laying off employees, JPMorgan “still in hiring mode,” Dimon said, adding that he understands why companies are cautious. He said the wage pressure has eased a bit as attrition levels come down.
Source: Ambito
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