JPMorgan CEO Jamie Dimon has simply issued a brand new financial warning.
On the firm’s final shareholders assembly, Dimon advised traders that America’s regional banking disaster will doubtless have a domino impact on the actual property business.
“There are all the time offsides. The draw back on this case might be actual property. That will be a sure location, a sure workplace property, a sure building mortgage. It may be very remoted. It will not occur in each financial institution.
You’ve got seen the tightening of credit score as a result of the best means for banks to retain capital is to not make one other mortgage.
Dimon mentioned he additionally has contrarian views on rates of interest.
In contrast to the vast majority of traders in keeping with CME’s Fedwatch tracker, Dimon believes the Federal Reserve can proceed to lift rates of interest considerably as banks tighten their lending requirements.
I believe everybody ought to be ready for greater charges from right here. If 5% is not sufficient… it’s important to be matched for six%, 7%.”
In line with CME on the time of publication, 71.9% of traders believed the Fed wouldn’t elevate rates of interest subsequent month, with 28.1% anticipating one other hike.
Dimon, who turned 67 in March, mentioned he had no plans to retire anytime quickly. Dimon took over as CEO of JPMorgan in December 2005.
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The publish JPMorgan’s CEO Points an Financial Warning, Says Buyers Ought to Put together for a Actual Property Crash and Curiosity Fee Surprises appeared first in The Every day Hodl.