JPMorgan CEO Warns Interest Rates Could Top 8 Percent as Inflation Stays High

‘There seems to be a large number of persistent inflationary pressures, which may likely continue,’ Mr. Dimon wrote.

JP Morgan Chase CEO Jamie Dimon testifies before the House Financial Services Committee on Capitol Hill in Washington, on April 10, 2019. Mandel Ngan/AFP via Getty Images

JPMorgan CEO Jamie Dimon has warned that interest rates could top 8 percent, with his grim prediction coming as the latest economic data show inflation rising.

Mr. Dimon made the remarks in his annual letter to shareholders on April 8, in which he cautioned about the prospect of inflation staying higher for longer, while expressing worry that the forces of deglobalization and the Biden administration’s ongoing deficit spending were exacerbating price pressures.