Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.

Speaking at the Australian Financial Review business summit via livestream from New York, Dimon emphasised the importance of data dependency in monetary policy decisions.

He suggested that the Fed should delay rate cuts until after June to assess the evolving economic landscape.

Dimon expressed concern about the potential impact on the central bank's credibility, stating, "Their credibility is a little bit at stake here."

Market expectations currently indicate an 84 per cent probability of rate cuts in June, with 90 basis points of cuts anticipated for the year.

Dimon conveyed a positive outlook on the U.S. economy, describing it as almost reaching a state of boom.

However, he cautioned against unbridled optimism, warning against the widespread acceptance of the soft landing narrative in financial markets.

While acknowledging the strength of the economy, Dimon assessed the likelihood of a recession at about 65 per cent and did not rule out the possibility of stagflation.

He attributed the surge in debt and equity markets since late 2023 to the lingering effects of pandemic-era fiscal and monetary stimulus, cautioning against complacency.

Regarding cryptocurrencies, Dimon reiterated his skepticism, particularly towards bitcoin, highlighting its association with illegal activities such as sex trafficking, fraud, and terrorism.

Regardless of defending individuals' rights to engage in bitcoin transactions, Dimon clarified that he personally has no intention to invest in the digital currency.

He highlighted the need for regulatory scrutiny and cautioned against the potential risks associated with cryptocurrencies.

Dimon also discussed the role of artificial intelligence (AI) in banking, revealing that JPMorgan has dedicated significant resources to explore various applications of AI technology.

He disclosed that the bank currently has two thousand employees working on 400 different AI use cases.

Dimon also shared his personal use of AI for summarising books he lacks time to read.

Beyond AI, Dimon expressed concerns about the upcoming U.S. presidential election, anticipating a contentious campaign.

He expressed hopes for a more thoughtful and rational approach to foreign policy from presidential candidates, particularly regarding geopolitical tensions.

(With inputs from Reuters)

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation.

Jamie Dimon, CEO of JPMorgan Chase, has advised the Federal Reserve to exercise prudence before considering any interest rate cuts, urging the central bank to uphold its credibility in combating inflation. Speaking at the Australian Financial Review business summit via livestream from New York, Dimon emphasised the importance of data dependency in monetary policy decisions. He suggested that the Fed should delay rate cuts until after June to assess the evolving economic landscape. Dimon expressed concern about the potential impact on the central bank's credibility, stating, "Their credibility is a little bit at stake here." Market expectations currently indicate an 84 per cent probability of rate cuts in June, with 90 basis points of cuts anticipated for the year. Dimon conveyed a positive outlook on the U.S. economy, describing it as almost reaching a state of boom. However, he cautioned against unbridled optimism, warning against the widespread acceptance of the soft landing narrative in financial markets. While acknowledging the strength of the economy, Dimon assessed the likelihood of a recession at about 65 per cent and did not rule out the possibility of stagflation. He attributed the surge in debt and equity markets since late 2023 to the lingering effects of pandemic-era fiscal and monetary stimulus, cautioning against complacency. Regarding cryptocurrencies, Dimon reiterated his skepticism, particularly towards bitcoin, highlighting its association with illegal activities such as sex trafficking, fraud, and terrorism. Regardless of defending individuals' rights to engage in bitcoin transactions, Dimon clarified that he personally has no intention to invest in the digital currency. He highlighted the need for regulatory scrutiny and cautioned against the potential risks associated with cryptocurrencies. Dimon also discussed the role of artificial intelligence (AI) in banking, revealing that JPMorgan has dedicated significant resources to explore various applications of AI technology. He disclosed that the bank currently has two thousand employees working on 400 different AI use cases. Dimon also shared his personal use of AI for summarising books he lacks time to read. Beyond AI, Dimon expressed concerns about the upcoming U.S. presidential election, anticipating a contentious campaign. He expressed hopes for a more thoughtful and rational approach to foreign policy from presidential candidates, particularly regarding geopolitical tensions. (With inputs from Reuters)

JPMorgan CEO Jamie Dimon urges Fed caution on interest rate cuts

JPMorgan Chase &amp; Co CEO Jamie Dimon must undergo up to two days of questioning by lawyers handling lawsuits over whether the bank can be held liable in financier Jeffrey Epstein's sexual abuse of teenage girls and women, a federal judge said Tuesday.

During a telephone conference with lawyers, Judge Jed Rakoff in Manhattan ordered Dimon to set aside two days for deposition testimony, though he didn't specify when. He said one day of testimony might be sufficient and lawyers would have to get his approval to continue to a second day.

The New York bank, the nation's largest, has been sued by the government of the US Virgin Islands and two women, both identified as Jane Doe, who say they were abused by Epstein.

The lawsuits contend JPMorgan should have seen evidence of Epstein's sex trafficking and avoided profiting from it.

The bank, besides denying the allegations, has sued one of its former executives, saying the man hid Epstein's decades of sex abuse and trafficking to keep Epstein as a client.

Darin Oduyoye, a JPMorgan spokesperson, said lawyers for the lawsuits against JPMorgan ?know our CEO has no relevant knowledge, but persists with this media stunt designed for headlines and clicks.?

He said a review of more than two decades of emails and other documents made it clear that Dimon had no involvement with Epstein or his accounts.

"He does not recall ever meeting, speaking or communicating with him,"&nbsp;Oduyoye said.

Epstein was 66 when he killed himself in a federal jail cell in August 2019 as he awaited trial on sex trafficking charges. Federal prosecutors had accused him of paying underage girls hundreds of dollars for massages at his homes in Florida and New York, where he then molested them.

Lawyers for JPMorgan did not immediately return messages seeking comment.

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JPMorgan Chase & Co CEO Jamie Dimon must undergo up to two days of questioning by lawyers handling lawsuits over whether the bank can be held liable in financier Jeffrey Epstein's sexual abuse of teenage girls and women, a federal judge said Tuesday.

JPMorgan Chase & Co CEO Jamie Dimon must undergo up to two days of questioning by lawyers handling lawsuits over whether the bank can be held liable in financier Jeffrey Epstein's sexual abuse of teenage girls and women, a federal judge said Tuesday. During a telephone conference with lawyers, Judge Jed Rakoff in Manhattan ordered Dimon to set aside two days for deposition testimony, though he didn't specify when. He said one day of testimony might be sufficient and lawyers would have to get his approval to continue to a second day. The New York bank, the nation's largest, has been sued by the government of the US Virgin Islands and two women, both identified as Jane Doe, who say they were abused by Epstein. The lawsuits contend JPMorgan should have seen evidence of Epstein's sex trafficking and avoided profiting from it. The bank, besides denying the allegations, has sued one of its former executives, saying the man hid Epstein's decades of sex abuse and trafficking to keep Epstein as a client. Darin Oduyoye, a JPMorgan spokesperson, said lawyers for the lawsuits against JPMorgan ?know our CEO has no relevant knowledge, but persists with this media stunt designed for headlines and clicks.? He said a review of more than two decades of emails and other documents made it clear that Dimon had no involvement with Epstein or his accounts. "He does not recall ever meeting, speaking or communicating with him," Oduyoye said. Epstein was 66 when he killed himself in a federal jail cell in August 2019 as he awaited trial on sex trafficking charges. Federal prosecutors had accused him of paying underage girls hundreds of dollars for massages at his homes in Florida and New York, where he then molested them. Lawyers for JPMorgan did not immediately return messages seeking comment. WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

JPMorgan Chase CEO Jamie Dimon to be deposed in Epstein suit

JPMorgan Chase &amp; Co CEO Jamie Dimon will be interviewed under oath in connection with the bank's relationship with Jeffrey Epstein, the late sex offender and a former client, a lawyer involved in the litigation said on Tuesday.

The deposition is expected to occur in early May, according to Brad Edwards, a lawyer representing women who claim to have been sexually abused by Epstein and are suing the largest US bank for allegedly enabling the financier's sex trafficking.

JPMorgan declined to comment.

Epstein had been a JPMorgan client from 2000 to 2013, with the last five years coming after he had pleaded guilty to a Florida prostitution charge.

JPMorgan is defending in Manhattan federal court two lawsuits seeking damages over its dealings with Epstein: a proposed class action by Epstein's accusers and a case brought by the US Virgin Islands, where Epstein owned a home.

<a href="https://www.wionews.com/world/ghislaine-maxwell-appeals-to-overturn-sex-trafficking-conviction-567367">ALSO READ |&nbsp;Jeffrey Epstein case: Ghislaine Maxwell appeals to overturn sex trafficking conviction</a>

The bank is also suing Jes Staley, a former private banking chief and later Barclays chief executive who had been friendly with Epstein.

JPMorgan wants Staley to reimburse it for eight years of compensation and damages it might incur in the other lawsuits. The Financial Times earlier reported Dimon's expected deposition.

Citing a person familiar with an internal JPMorgan probe, the newspaper said there was no record found of Dimon being in direct communication with Epstein or included in any discussion over retaining him as a client.

<a href="https://www.wionews.com/videos/wion-wideangle-epstein-sex-files-unsealed-312785">WATCH |&nbsp;WION Wideangle: Epstein sex files, unsealed</a>

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On March 9, a federal judge ordered JPMorgan to give the US Virgin Islands documents concerning Dimon from 2015 to 2019, after Epstein had been dropped as a client, rejecting the bank's claim that the territory was on a "fishing expedition".

Deutsche Bank AG, where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. 
Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.

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JPMorgan Chase & Co CEO Jamie Dimon will be interviewed under oath in connection with the bank's relationship with Jeffrey Epstein, the late sex offender and a former client, a lawyer involved in the litigation said on Tuesday.

JPMorgan Chase & Co CEO Jamie Dimon will be interviewed under oath in connection with the bank's relationship with Jeffrey Epstein, the late sex offender and a former client, a lawyer involved in the litigation said on Tuesday. The deposition is expected to occur in early May, according to Brad Edwards, a lawyer representing women who claim to have been sexually abused by Epstein and are suing the largest US bank for allegedly enabling the financier's sex trafficking. JPMorgan declined to comment. Epstein had been a JPMorgan client from 2000 to 2013, with the last five years coming after he had pleaded guilty to a Florida prostitution charge. JPMorgan is defending in Manhattan federal court two lawsuits seeking damages over its dealings with Epstein: a proposed class action by Epstein's accusers and a case brought by the US Virgin Islands, where Epstein owned a home. ALSO READ | Jeffrey Epstein case: Ghislaine Maxwell appeals to overturn sex trafficking conviction The bank is also suing Jes Staley, a former private banking chief and later Barclays chief executive who had been friendly with Epstein. JPMorgan wants Staley to reimburse it for eight years of compensation and damages it might incur in the other lawsuits. The Financial Times earlier reported Dimon's expected deposition. Citing a person familiar with an internal JPMorgan probe, the newspaper said there was no record found of Dimon being in direct communication with Epstein or included in any discussion over retaining him as a client. WATCH | WION Wideangle: Epstein sex files, unsealed × On March 9, a federal judge ordered JPMorgan to give the US Virgin Islands documents concerning Dimon from 2015 to 2019, after Epstein had been dropped as a client, rejecting the bank's claim that the territory was on a "fishing expedition". Deutsche Bank AG, where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking. WATCH WION LIVE HERE:

JPMorgan's CEO Jamie Dimon to face court music in Jeffrey Epstein case

JPMorgan Chase and chief executive officer Jamie Dimon warned Monday that a serious mix of headwinds will likely send the United States into a recession in the next six to nine months.

World Business Watch: 'US recession in six to nine months', warns JPMorgan's CEO Dimon

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party.

During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year. So is JPMorgan.''

''And I'll make a bet we last longer. I can't say that in China,'' he said with a chuckle.

''They probably are listening anyway,'' said Dimon in a rare display of candour.&nbsp;

<a href="https://www.wionews.com/world/jp-morgan-sues-tesla-ceo-elon-musk-for-his-flagrantly-ignorant-tweets-430032">Also read |&nbsp;JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets</a>

It comes after the investing giant accused Elon Musk's electric car company of "flagrantly" breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank.

It is unusual for a major Wall Street bank to sue such a high-profile client, although&nbsp;JPMorgan&nbsp;has done relatively little business with the electric carmaker over the past seven years.

Dimon had earlier visited Hong after getting special permission from the government&nbsp;to skip a three-week Covid quarantine imposed on most other visitors.

<a href="https://www.wionews.com/sports/us-bank-jpmorgan-says-its-financing-football-super-league-378592">Also read |&nbsp;US bank JPMorgan says it's financing football Super League</a>

He has admitted to the lack of freedom of which in China. Comparing the country with the United States he said "we have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration."

JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there.

(With inputs from agencies)

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party. During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year.

CEO Jamie Dimon believes that JP Morgan to outlast China's Communist Party. During the company's anniversary party, he said ''The Communist Party is celebrating its 100th year. So is JPMorgan.'' ''And I'll make a bet we last longer. I can't say that in China,'' he said with a chuckle. ''They probably are listening anyway,'' said Dimon in a rare display of candour. Also read | JP Morgan sues Tesla CEO Elon Musk for his 'flagrantly' ignorant tweets It comes after the investing giant accused Elon Musk's electric car company of "flagrantly" breaching a contract the two corporate giants agreed in 2014 relating to warrants Tesla sold to the bank. It is unusual for a major Wall Street bank to sue such a high-profile client, although JPMorgan has done relatively little business with the electric carmaker over the past seven years. Dimon had earlier visited Hong after getting special permission from the government to skip a three-week Covid quarantine imposed on most other visitors. Also read | US bank JPMorgan says it's financing football Super League He has admitted to the lack of freedom of which in China. Comparing the country with the United States he said "we have the gifts of our founding fathers: freedom of speech, freedom of religion, freedom of enterprise, freedom of human capital, immigration." JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there. (With inputs from agencies)

Jamie Dimon believes JP Morgan will outlast China's Communist Party

<a href="http://www.wionews.com/world/france-to-remain-military-engaged-in-middle-east-macron-191105">President Emmanuel Macron</a> told dozens of the world's most powerful executives on Monday that he would not follow the path of guillotined French royals and would continue to reform the French economy despite a sometimes violent popular revolt.

For the second year running, Macron hosted corporate A-listers like Microsoft Chief Executive Satya Nadella, Snapchat's Evan Spiegel and JPMorgan Chase &amp; Co CEO Jamie Dimon at a pre-Davos dinner at Versailles.

Exactly 226 years after the decapitation of Louis XVI, who failed to plug the crown's dismal finances and quell popular discontent over a sclerotic feudal society, Macron started his speech by invoking the king and his wife Marie-Antoinette.

"If they met such an end, it is because they had given up on reforming," Macron told the guests, according to his office.

His office said earlier that foreign companies including medical products company Microport, Mars, Procter &amp; Gamble, Cisco and others would announce investments in France totalling more than 600 million euros.

The dinner was an opportunity to reassure investors of Macron's resolve to reform the economy after images of protesters angry at his policies attacking public monuments, boutiques, banks and riot police were beamed around the world.

"There are questions about the protests' magnitude, about the violence, because these images are shocking for foreigners," a source at Macron's office said before the summit.

"Last year, the summit was in a totally different dynamic, it was all about 'France is back'. Here we're in a tougher part of the mandate domestically and that requires more explanations," the source added.

On Monday, Macron told the business leaders the "yellow vest" movement was part of a bigger picture of middle-class angst over globalisation that gave rise to Brexit in Britain, as well as the rise of populist parties in Germany or Italy.

"The solution to the crisis is not to roll back what we have done in the past 18 months," he said.

Macron was elected in May 2017 against a far-right candidate on a promise to create jobs and drive growth by cutting corporate taxes, easing France's rigid labour regulations, and developing a more skilled labour force.

He began making good on those campaign pledges in a reform blitz during the first 18 months of his presidency that has impressed investors but infuriated low-paid workers, who feel he favours big business and is indifferent to their struggle to make ends meet.

Over the past two months, that popular anger has been vented at protests across France. The unrest has convulsed Macron and his government and forced costly concessions.

Macron is not attending the World Economic Forum in the Swiss ski resort of Davos, his office says so that he can deal with quelling the yellow vest uprising.

President Emmanuel Macron told dozens of the world's most powerful executives on Monday that he would not follow the path of guillotined French royals and would continue to reform the French economy despite a sometimes violent popular revolt.

President Emmanuel Macron told dozens of the world's most powerful executives on Monday that he would not follow the path of guillotined French royals and would continue to reform the French economy despite a sometimes violent popular revolt. For the second year running, Macron hosted corporate A-listers like Microsoft Chief Executive Satya Nadella, Snapchat's Evan Spiegel and JPMorgan Chase & Co CEO Jamie Dimon at a pre-Davos dinner at Versailles. Exactly 226 years after the decapitation of Louis XVI, who failed to plug the crown's dismal finances and quell popular discontent over a sclerotic feudal society, Macron started his speech by invoking the king and his wife Marie-Antoinette. "If they met such an end, it is because they had given up on reforming," Macron told the guests, according to his office. His office said earlier that foreign companies including medical products company Microport, Mars, Procter & Gamble, Cisco and others would announce investments in France totalling more than 600 million euros. The dinner was an opportunity to reassure investors of Macron's resolve to reform the economy after images of protesters angry at his policies attacking public monuments, boutiques, banks and riot police were beamed around the world. "There are questions about the protests' magnitude, about the violence, because these images are shocking for foreigners," a source at Macron's office said before the summit. "Last year, the summit was in a totally different dynamic, it was all about 'France is back'. Here we're in a tougher part of the mandate domestically and that requires more explanations," the source added. On Monday, Macron told the business leaders the "yellow vest" movement was part of a bigger picture of middle-class angst over globalisation that gave rise to Brexit in Britain, as well as the rise of populist parties in Germany or Italy. "The solution to the crisis is not to roll back what we have done in the past 18 months," he said. Macron was elected in May 2017 against a far-right candidate on a promise to create jobs and drive growth by cutting corporate taxes, easing France's rigid labour regulations, and developing a more skilled labour force. He began making good on those campaign pledges in a reform blitz during the first 18 months of his presidency that has impressed investors but infuriated low-paid workers, who feel he favours big business and is indifferent to their struggle to make ends meet. Over the past two months, that popular anger has been vented at protests across France. The unrest has convulsed Macron and his government and forced costly concessions. Macron is not attending the World Economic Forum in the Swiss ski resort of Davos, his office says so that he can deal with quelling the yellow vest uprising.

In Versailles, Macron vows to reform to avoid king's fate

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