JPMorgan Chase CEO Jamie Dimon has expressed concerns about the US economy, warning that the country needs to “fix a lot of things” if it wants to avoid financial troubles. Dimon stated that if the dollar is not maintained as a reserve currency, it could lead to economic instability.
Dimon also proposed two policy changes: taxing carry forward interest and keeping the current SALT deduction limit unchanged. He hinted at a potential crisis in the bond market, but declined to predict when it would happen.
The CEO acknowledged the Federal Reserve’s efforts to give time to its policies, but believes the Fed must be patient. Dimon expects inflation to rise in the future, while downplaying the risk of deflation.
Dimon also touched on the benefits of deregulation and permitting for economic growth and inflation. He mentioned a goal of 3% annual GDP growth, and even mused about potentially running for public office if he thought he had a chance of winning.
The market reaction to Dimon’s comments was swift, with the Dow down 0.48%, the S&P down 0.90%, and the Nasdaq down 1.42%.
Source: https://www.forexlive.com/news/jpm-dimon-us-government-should-get-rid-of-carried-interest-20250530