Wall Street was spooked last week when the Federal Reserve said it would keep interest rates higher for longer than previously anticipated—but according to JPMorgan boss Jamie Dimon, the world is still unprepared for the potential “stress” on the horizon.
In an interview with the Times of India published on Tuesday, the CEO of America’s largest bank said that while he “hopes and prays there is a soft landing” for the U.S. economy, an uncertain macroeconomic backdrop and a deepening government deficit means “no one knows” where America is headed.
