? JPMorgan Chase (JPM) CEO Jamie Dimon criticized central banks, especially the Federal Reserve, for their inaccurate economic forecasts. In fact, the way he put it was that “… central banks 18 months ago were 100% dead wrong.” He emphasized their failure to predict the inflation surge, which they labeled as “transitory.” Ouch!
? Referring to the Fed’s early 2022 outlook, Dimon pointed out their miscalculations: they projected a key interest rate of 2.8% by end of 2023, but it surpassed 5.25%, and they underestimated core inflation by 1.1 percentage points.
?️ Dimon expressed concerns about the current global situation, describing it as “the most dangerous time the world has seen in decades.” He also criticized the lack of a coherent strategy in implementing ESG principles and the challenges in obtaining permits for green energy projects. |
