JPMorgan Chase CEO Jamie Dimon on Monday warned that excessive government spending in the U.S. may continue to fuel both high inflation and interest rates. In his annual letter to shareholders, the chief executive of America's largest bank offered his assessment on the state of the U.S. economy, the odds of a soft landing and the outlook for artifical intelligence.
Higher rates have helped push the average rate on a 30-year mortgage above 8% for the first time in decades. Borrowing costs for everything from home equity lines of credit, auto loans and credit cards have also spiked. Yet the rapid rise in rates has not stopped consumers from spending or businesses from hiring, buoying hopes on Wall Street that the U.S. economy can avert a recession. Additionally, the S&P 500, the broadest measure of the U.S. stock market, is hovering at an all-time high.
Source: Financial Digest (financialdigest.net)
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