Mr. Dimon’s comments come a day after President Joseph R. Biden, Jr., met with Federal Reserve Chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.
“The Fed has to meet this now with raising rates and QT . In my view, they have to do QT. They do not have a choice because there’s so much liquidity in the system,” Mr. Dimon said. Uncertainty about the US central bank’s policy move, the war in Ukraine, prolonged supply-chain snarls due to coronavirus disease 2019 and higher Treasury yields have rocked global stock markets, with the benchmark S&P 500 index falling 13.3% year-to-date.
“The scenario of a soft landing is … extremely difficult to achieve in the environment that we’re in today,” Wells Fargo Chief Executive Officer Charlie Scharf said at the conference.
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