JPMorgan CEO Jamie Dimon simply issued a brand new financial alert.
On the firm’s newest shareholder’s assembly, Dimon informed buyers that America’s regional banking disaster will possible have a domino impact on the actual property trade.
“There’s at all times an off-sides. The off-sides on this case will most likely be actual property. It’ll be sure places, sure workplace properties, sure building loans. It might be very remoted. It received’t be each financial institution.
You’re already seeing credit score tighten up as a result of the best method for a financial institution to retain capital is to not make the following mortgage.
Dimon says he additionally has a contrarian view on rates of interest.
Not like nearly all of buyers based on CME’s Fedwatch tracker, Dimon believes the Federal Reserve might proceed to considerably elevate charges as banks tighten up their lending requirements.
“I feel everybody needs to be ready for charges going increased from right here. If that 5% shouldn’t be sufficient… you ought to be ready for six%, 7%.”
In keeping with CME at time of publishing, 71.9% of buyers imagine the Fed is not going to elevate charges subsequent month, with 28.1% anticipating one other hike.
Dimon, who turned 67 in March, says he has no plans to retire anytime quickly. Dimon took over as CEO of JPMorgan again in December of 2005.
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