Finance & Economics

JPMorgan CEO Criticizes Central Banks for Wrong Forecasts

Jamie Dimon, Chief Executive Officer of JPMorgan Chase & Co, said that the fact that central banks in early 2022 released forecasts about the development of the situation in the financial and economic environment, which did not come true, should prompt some humility regarding the preliminary vision of the state of affairs in the mentioned space next year.

JPMorgan CEO Criticizes Central Banks for Wrong Forecasts

The corresponding statement was made by the chief executive officer of one of the largest organizations of the American banking sector during a speech at a panel discussion at the Future Investment Initiative summit in Riyadh, Saudi Arabia.

Jamie Dimon expressed doubts about the fact that central banks and governments around the world can cope with the consequences of processes such as inflation, which is currently showing a trend of further increase, and a slowdown in the global economy. He said he was cautious about what would happen next year. In this case, it probably implies restraint in relation to forecasts about the development of the situation in the financial and economic space in 2024.

Jamie Dimon compared the current realities with the state of affairs that was observed in the global economy in the 1970s, when there was a high level of spending and a large number of losses. He also stated that there is no precise understanding of the scenario for the further implementation of the policy of financial regulators in relation to interest rates.

During his speech in Saudi Arabia, Mr. Dimon paid special attention to the approach of politicians to combating climate change, which, in his opinion, is ineffective. He stated that the necessary breakthroughs will be made in this direction, but the goals will be achieved later than expected due to elementary incompetence.

As we have reported earlier, JPMorgan CEO Criticizes Capital Rules Proposed by US Authorities.

Serhii Mikhailov

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Serhii’s track record of study and work spans six years at the Faculty of Philology and eight years in the media, during which he has developed a deep understanding of various aspects of the industry and honed his writing skills; his areas of expertise include fintech, payments, cryptocurrency, and financial services, and he is constantly keeping a close eye on the latest developments and innovations in these fields, as he believes that they will have a significant impact on the future direction of the economy as a whole.