JPMorgan CEO Jamie Dimon just issued a new economic alert.
At the company’s latest shareholder’s meeting, Dimon told investors that America’s regional banking crisis will likely have a domino effect on the real estate industry.
“There’s always an off-sides. The off-sides in this case will probably be real estate. It’ll be certain locations, certain office properties, certain construction loans. It could be very isolated. It won’t be every bank.
You’re already seeing credit tighten up because the easiest way for a bank to retain capital is not to make the next loan.
Dimon says he also has a contrarian view on interest rates.
Unlike the majority of investors according to CME’s Fedwatch tracker, Dimon believes the Federal Reserve may continue to significantly raise rates as banks tighten up their lending standards.
“I think everyone should be prepared for rates going higher from here. If that 5% is not enough… you should be prepared for 6%, 7%.”
According to CME at time of publishing, 71.9% of investors believe the Fed will not raise rates next month, with 28.1% expecting another hike.
Dimon, who turned 67 in March, says he has no plans to retire anytime soon. Dimon took over as CEO of JPMorgan back in December of 2005.Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inbox
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