J.P. Morgan Chase Chief Executive Officer Jamie Dimon raised concerns that rising interest rates and geopolitical flareups could derail U.S. economic growth.
"The economy is still very strong, and that's across wages, job creation, capital expenditure, consumer credit; it's pretty broad-based and it's not going to be diminished immediately," Dimon said on Friday in a conference call with the media following his bank's third-quarter earnings report. "I was pointing out the probabilities that I thought were higher that rates would go up. I still believe that. I do think you're going to see higher rates."
While rising rates amid a strong economy are a good thing, if it occurs amid inflation, that could eventually put a halt to the nearly decade long economic growth cycle, he said.
"If rates go up because you have inflation, that is not a plus. That is a bad thing," Dimon said. "So far, we still have a strong economy in spite of this increasing overseas geopolitical issues bursting all over the place."
This is a developing story. Check back for updates.
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