JPMorgan CEO "may go to 8% US interest rate"

In his 61-page annual letter to shareholders, JPMorgan Chairman and CEO Jamie Dimon warned that "massive fiscal spending, the trillions of dollars of annual costs associated with the green economy, global rebalancing, and global trade restructuring - all of these are inflationary. "A scenario with a federal funds rate above 6% would likely entail significant stress on the banking system and highly leveraged companies. Interest rates have been extremely low for a long time and it is hard to know how many investors and businesses are truly prepared for a higher interest rate environment. A two percentage point increase in interest rates would essentially reduce the value of most financial assets by 20 percent."