Dimon speaking at Morgan Stanley conference
Staying on the inflation theme, JP Morgans Jamie Dimon speaking at Morgan Stanley conference says that the bank is prepared for higher rates and more inflation.
In a somewhat surprise critical comment about his company, he says:
- JP Morgan did not have imagination to do what Square did
- The banking system is going to be in tough shape
- Will have to fight hard amid tough competition
JP Morgan stock is trading down -$2.77 or -1.73% to $157.52 after his comments.
PS. The NY Fed survey for May shows inflation expectations 1 year and 3 year ahead rose sharply.