JPMorgan President Says ‘Deeper Recession’ Is Acceptable Price for Taming Inflation

JPMorgan President Says ‘Deeper Recession’ Is Acceptable Price for Taming Inflation
The Federal Reserve Board building on Constitution Avenue in Washington on March 27, 2019. Brendan McDermid/Reuters
Bryan Jung
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The president of the world’s largest investment bank says that a “deeper recession” is an acceptable price for taming high inflation.

Daniel Pinto, president and chief operating officer at JPMorgan, told CNBC in a recent interview that he supports the Federal Reserve’s aggressive interest rate hikes.

“I think putting inflation back in a box is very important,” he said in the interview. “If it causes a slightly deeper recession for a period of time, that is the price we have to pay.”

Bryan Jung
Bryan Jung
Author
Bryan S. Jung is a native and resident of New York City with a background in politics and the legal industry. He graduated from Binghamton University.
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