In an interview with The Associated Press at a Chase branch opening in The
“You should be worried about (the possibility of stagflation),” Dimon said.
Dimon did emphasize that he's still “hopeful” for the
“I'm just a little more dubious than others that a (soft landing) is a given,” he said.
Dimon spoke to the AP on a range of issues, including the economy, the independence of the
Inflation has been stubbornly elevated so far this year, and a report Thursday showing growth slowed in the first three months of this year fanned fears of “stagflation,” which occurs when the economy is weak, or in recession, yet prices keep moving higher. It’s a particularly miserable combination of economic circumstances, with high unemployment occurring along with rising costs. Typically, a sluggish economy brings down inflation.
Stagflation last occurred in the 1970s, when conditions were far worse than today. In 1975, for example, inflation topped 10% while the unemployment rate peaked at 9%. Inflation is now 3.5% and unemployment just 3.8%, near a half-century low. If stagflation did occur, Dimon said he believes it would not be as bad as it was in the 1970s.
Fears of stagflation eased Friday after a government report showed consumer spending stayed strong in March, suggesting the economy will keep expanding at a solid pace in the coming months.
Dimon said he was “thrilled” that
“I think it’s a really good sign they want to get that done,” Dimon said, referring to House Speaker
Dimon also emphasized the need for the
“I don’t know what these people are thinking, or how they think they are going to go about this,” Dimon said, saying that any changes would likely require legislation.
Chase was opening its 17th “community center” branch on Friday. These are larger branches that are designed for low-to-moderate income areas. They are designed with multipurpose areas that do workshops and financial literacy work for communities in need.
Dimon has tried to highlight
“These things are good business,” Dimon said. They lift up neighborhoods to help our country. And we’re unabashed about it. I don’t understand why people say they shouldn’t be trying to lift up your country."
She said the branch has met her needs and she hadn’t heard about the expansion or upcoming classes or events. “I didn’t know about any of that, but I’d come for that,” she said, of the programming.
In off-the-cuff remarks, Dimon noted the steady stream of customers.
“I love the fact that so many people are walking in here. So many people are nervous about how they’ll be treated when they walk into a bank branch."
Copyright 2024 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed without permission.
, source