JPMorgan Chase CEO Jamie Dimon stated Thursday which containing inflation stays an operate in development for the Federal Reserve, while keeping in mind the U.S. economy continues to reveal indications of strength.
” I have all the regard for [Fed Chair Jerome] Powell, however the truth is we lost a bit of control of inflation,” Dimon stated in an interview with CNBC’s Jim Cramer throughout the “Halftime Report.” It’s the very first of a two-part interview with Cramer, with the 2nd installation airing later on Thursday on “Mad Money.”
Dimon’s remarks came one day after the Fed launched the minutes from itsJan 31-Feb1 conference, which revealed members stay fixed to eliminate consistent inflation.
“Participants noted that inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases but stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path,” the minutes stated.
Dimon himself stated he anticipates that rate of interest might “possibly” stay greater for longer, as it might take the reserve bank “a while” to get to its objective of 2% inflation.
Even so, the JPMorgan CEO stated he’s not presently breaking out the economic crisis playbook, as he is motivated by the strength of the U.S. economy.
“The U.S. economy right now is doing quite well. Consumers have a lot of money. They’re spending it. Jobs are plentiful,” Dimon stated. “That’s today. Out in front of us, there’s some scary stuff. You and I know there’s always uncertainty. That’s a normal thing.”
Those remarks contrast with Dimon’s previous remarks inOctober At that time, he stated the U.S. economy will likely fall under an economic downturn in 6 to 9 months. In December, he stated greater inflation was wearing down customer wealth, which would lead into an economic downturn this year.
The Fed did not right away react to CNBC’s ask for remark.
