The Chief Executive of JP Morgan Chase has said he believes there is “complacency” in the financial markets amid the ongoing global trade uncertainty.
Jamie Dimon made the remarks during an event at the Department of Foreign Affairs and Trade in Dublin this afternoon.
Commenting on the reaction in the wake of US President Donald Trump’s tariff policies, the influential banker said: “Unfortunately I think there is complacency in markets, and (they are) a little desensitised.”
The JP Morgan Chase CEO has run the bank for 19 years and is one of the most prominent voices in corporate America.
Mr Dimon also said he thought the financial market was underestimating the possibility of US interest rates climbing higher, a prospect he described as a “cause for concern”.
The Federal Reserve last month voted unanimously to leave rates unchanged.
Fed Chair Jerome Powell said he expected “meaningful” inflation ahead as consumers pay more for goods due to the US administration’s planned import tariffs.
US President Trump has demanded immediate steep cuts and called for Mr Powell to resign.
Jamie Dimon said his view of the possibility of a further rate increase in the US was “higher than anybody else”.
“The market is pricing a 20% chance. I would price in a 40-50% chance,” he added.
“I would put that as a cause for concern.”
Mr Dimon said his higher probability was based on price pressures, citing tariffs, the US government’s migration policies and its budget deficit as inflationary.
He added that the restructuring of global trade and global demographics were also “kind of inflationary”.
JP Morgan Chase has the largest market share of US consumer accounts and houses 11.3% of retail deposits.
Mr Dimon described real-time data on the US economy as “totally impossible to read”.
