“Let’s just raise rates”, Dimon said on Monday at the Economic Club of Washington. He went on to say he would rather see the Fed raise sooner rather than later, and said that at a positive point in the USA economy, “you don’t want to be behind the 8-ball” when it comes to a rate hike.
Advertisement
The U.S. central bank has held rates steady after raising them for the first time in a decade from near zero last December.
Fed Governor Lael Brainard said Monday there’s no rush to raise rates.
Dimon, CEO and chairman of the biggest United States bank, isn’t a disinterested party.
Policymakers at the Fed are due to meet next week in Washington and it is not yet clear whether they will decide to increase the rates or not. While Donald Trump’s success securing the Republican nomination shows “I was clearly wrong about that”, Mr. Dimon said running for the presidency is still so hard many qualified people opt against it.
In a conversation that touched on topics from regulation to U.S. immigration policy to the highlights of his more than three decades in finance, Dimon lambasted the lack of educational opportunities for inner-city residents as a “disgrace”.
Dimon also responded to a question about whether he would like to enter the world of politics or not, saying that he would “love to be president” but tat the job would be too hard.
It’s likely some of the regulations enacted under the Dodd-Frank Act will be improved in coming years, Dimon said, adding that he isn’t in favour of throwing it out entirely.
Mr. Dimon also demurred on the possibility of becoming Treasury secretary in a future administration, saying in the current political environment, it is impossible to get a Wall Street executive confirmed by the Senate for such a post. JPMorgan spends $600 million annually on cyber security, a figure that could rise to $1 billion in a few years, he said.
Advertisement
“America has the best hand ever dealt of any country on this planet today ever”, Dimon said.
