Jamie Dimon warned in an interview with the Times of India that the world may not be \u0022prepared\u0022 for a Fed interest rate at seven per cent. Read on.
, added that the difference between five per cent and seven per cent would be more painful for the economy than going from three per cent to five per cent was.
If the key rate climbed to seven per cent, it would have serious implications for American businesses and consumers. Already, economists put the probability of a U.S. recession over the next 12 months at 60 per cent — and that’s more optimistic than Bloomberg Economics’ prediction of a slump as soon as this year.
“Going from zero to two per cent was almost no increase. Going from zero to five per cent caught some people off guard, but no one would have taken five per cent out of the realm of possibility,” Dimon said. “I am not sure if the world is prepared for seven per cent.”
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