Relatively High Chance of No Rate Cuts This Year, JPMorgan's Pinto Says [BNN Bloomberg (Canada)]
JP Morgan Chase & Co. (JPM)
Last jp morgan chase & co. earnings: 4/14 06:43 am
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Source: BNN Bloomberg
“It may take a bit longer until they can cut rates,” Pinto said at a Semafor event in Washington, adding that the likelihood of a rate hike is “very, very low” amid widespread skepticism that inflation will ease any time soon. The Fed isn't in any hurry, as a rate cut that comes too early would be “painful” and probably cause a recession, he said. Recent economic data has shown inflation remaining stickier in the US than many had expected earlier this year, making it appear less likely that the Federal Reserve will bring rates down rapidly. That's keeping financing costs higher for longer, while a strong jobs market and broader growth are bolstering the US economy. Read More: US Inflation Refuses to Bend, Fanning Fears It Will Stick Pinto's comments echo those of his boss, longtime JPMorgan boss Jamie Dimon. In a letter to shareholders earlier this month, Dimon wrote that sticky inflationary pressures could lead to higher rates than the market expects, and that his firm is prep
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