JPMorgan CEO Warns Interest Rates Could Top 8 Percent as Inflation Stays High

JPMorgan CEO Jamie Dimon has warned that interest rates could top 8 percent, with his grim prediction coming as the latest economic data show inflation rising. Mr. Dimon made the remarks in his annual letter to shareholders on April 8, in which he cautioned about the prospect of inflation staying higher for longer, while expressing worry that the forces of deglobalization and the Biden administration’s ongoing deficit spending were exacerbating price pressures. “The economy is being fueled by large amounts of government deficit spending and past stimulus,” he wrote. Treasury Department data released on April 10 show that the U.S. budget deficit topped $1 trillion in the first six months of fiscal year 2024, putting the federal government on track to notch its fifth consecutive trillion-dollar-plus budget gap....