The head of the largest U.S. bank said markets are underestimating the speed by which he expects the Federal Reserve to raise interest rates.
In a letter to shareholders released Monday, JPMorgan Chase CEO Jamie Dimon added that short-term borrowing costs need to be “substantially” higher to address the rapid pace of price increases.
“The stronger the recovery, the higher the rates that follow (I believe that this could be significantly higher than the markets expect),” Dimon penned in…
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