The Associated Press
JPMorgan Chase CEO Jamie Dimon says he’s hopeful the Federal Reserve can bring down inflation without causing a recession but wouldn’t rule out more troubling possibilities, such as stagflation. In an interview with at a Chase branch opening in The Bronx, Dimon said he remained “cautious” about the U.S. economy and said inflation may be stickier for longer and that “stagflation is on the list of possible things” that could happen to the U.S. economy. “You should be worried about ,” Dimon said.
In 1975, for example, inflation topped 10% while the unemployment rate peaked at 9%. Inflation is now 3.5% and unemployment just 3.8%, near a half-century low. If stagflation did occur, Dimon said he believes it would not be as bad as it was in the 1970s. Fears of stagflation eased Friday after a government report showed consumer spending stayed strong in March, suggesting the economy will keep expanding at a solid pace in the coming months.
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