UnusualWhales

JP Morgan CEO Dimon has said: oil and gas will be necessary for the next 50 years.

He also sad rates will rise above 5% because there is still ‘a lot of underlying inflation.'

Dimon said the recent easing of inflation comes from temporary factors such as a pullback in oil prices and a slowdown in China due to Covid.

“We’ve had the benefit of China’s slowing down, the benefit of oil prices dropping a little bit,” Dimon said. “I think oil gas prices probably go up the next 10 years ... China isn’t going to be deflationary anymore.”

“I know there are going to be recessions, ups and downs. I really don’t spend that much time worrying about it. I do worry that poor public policy damages American growth,” Dimon said.