JPMorgan Chase & Co (NYSE:JPM) chief executive Jamie Dimon believes US interest rates could reach 6%, he said in an interview with CNBC on Thursday.
The Federal Reserve's policy rate is currently between 4.50% and 4.75%, but that’s expected to continue to rise as the body works to lower inflation.
The question is, how high they will go?
“I suspect [interest rates] may have to go a little bit higher than the 5% we're talking about. It could hit 6%,” Dimon said.
A jump to 6% would likely have a big impact on financial markets, with many investors already betting that the US Fed will cap its hikes at around 5%.
The Federal Open Market Committee’s next meeting is scheduled for March 21-22, 2023. Minutes from their previous meeting at the end of January revealed that additional interest rate rises are likely.
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