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 seemingly have a domino impact on the actual property trade.
“There’s all the time an off-sides. The off-sides on this case will most likely be actual property. It’ll make sure places, sure workplace properties, sure development loans. It could possibly be very remoted. It gained’t be each financial institution.
You’re already seeing credit score tighten up as a result of the best manner 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.
In contrast to the vast majority of buyers in keeping with CME’s Fedwatch tracker, Dimon believes the Federal Reserve might proceed to considerably increase charges as banks tighten up their lending requirements.
“I believe everybody needs to be ready for charges going greater from right here. If that 5% will not be sufficient… you ought to be ready for six%, 7%.”
In accordance with CME at time of publishing, 71.9% of buyers imagine the Fed won’t increase 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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