Article originally appeared on www.foxbusiness.com.
JPMorgan Chase CEO Jamie Dimon on Monday warned that excessive government spending in the U.S. may continue to fuel both high inflation and interest rates.
In his annual letter to shareholders, the chief executive of America’s largest bank offered his assessment on the state of the U.S. economy, the odds of a soft landing and the outlook for artifical intelligence.
“It is important to note that the economy is being fueled by large amounts of government deficit spending and past stimulus,” Dimon wrote. “There is also a growing need for increased spending as we continue transitioning to a greener economy, restructuring global supply chains, boosting military expenditure and battling rising health care costs.”
“This may lead to stickier inflation and higher rates than markets expect,” he added.
WHY ARE GROCERIES STILL SO EXPENSIVE?
Dimon’s comments come as Federal Reserve policymakers weigh when to start cutting interest rates amid concerns that …
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