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Jamie Dimon sees the best economic growth in many years, more than 4 Fed rate hikes this year

Jamie Dimon stated the U.S. is headed for the best economic growth in many years.

“We’re going to have the best growth we’ve ever had this year, I think since maybe sometime after the Great Depression,” Dimon instructed CNBC’s Bertha Coombs throughout the fortieth Annual J.P. Morgan Healthcare Conference. “Next year will be pretty good too.”

Dimon, the longtime CEO and chairman of JPMorgan Chase, stated his confidence stems from the strong stability sheet of the American shopper. JPMorgan is the largest U.S. financial institution by property and has relationships with half of U.S. households.

(*4*) Dimon stated. “Their debt-service ratio is better than it’s been since we’ve been keeping records for 50 years.”

Dimon stated growth will come whilst the Fed raises charges probably more than buyers count on. Goldman Sachs predicted 4 rate hikes this year and Dimon stated he could be shocked if the central financial institution solely raises 4 occasions.

“It’s possible that inflation is worse than they think and they raise rates more than people think,” Dimon stated. “I personally would be surprised if it just four increases.”

However, Dimon stated that whereas the underlying economic system seems sturdy, stock market buyers could endure a tumultuous year as the Fed goes to work.

“The market is different,” Dimon stated. “We’re kind of expecting that the market will have a lot of volatility this year as rates go up and people kind of redo projections.”

“If we’re lucky, the Fed can slow things down and we’ll have what they call a `soft landing’,” Dimon added.

The financial institution was compelled to maneuver its annual healthcare convention to a digital format due to the unfold of the omicron variant of Covid-19.

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