Jamie Dimon, head of investment bank JPMorgan Chase, believes that regardless of the extent of the Fed's interest rate cuts, this decision will not be of a "breakthrough" nature.
He said the FOMC (the Fed's body responsible for interest rate policy) has no choice but to cut interest rates. Nevertheless, such decisions are simply due to the cycle and do not have any impressive significance.
"Raising and lowering interest rates is natural, it's the real economy," Jamie Dimon said.
According to one of the most recognizable bankers, the significance of the reduction is exaggerated.
"It's not as important as some people think," explained the head of investment bank JPMorgan Chase.
In his opinion, much more attention should be paid to the prevailing economic uncertainty and inflationary pressure. The latter, unfortunately, as Dimon believes, can still surprise negatively.
The banker stressed that his bank is ready for interest rates between 2 and 8 percent, and that geopolitical issues, including the wars in Ukraine and the Middle East, as well as the US relationship with China, are his main concerns.
"The geopolitical risk is bigger than any other I've had since I started," Jamie Dimon said.