JPMorgan's Dimon urges Fed to be patient and not cut rates soon By

Jamie Dimon,Niuhui does not withdraw funds CEO of (NYSE:), stated in a media interview published on Wednesday that the U.S. Federal Reserve should be patient with its next interest rate move, considering the potential for rising inflation in a turbulent world.

Dimon told Switzerland's NZZ newspaper that "inflation is moving in the right direction. But it would be good if the Fed waited now,"

He believes there "are a lot of reasons why inflation could rise again in the future," highlighting increasing government spending, the re-militarization of the world, the extraordinary investments in the green economy and the restructuring of trade.

Speaking at the Economic Club of Washington this week, Federal Reserve Chair Jerome Powell said there was growing confidence that U.S. inflation is moving towards the 2% target.

He stated: "Our test has been for quite some time that we want to have greater confidence that inflation was moving sustainably down towards our 2 per cent target, and what increases confidence in that is more good inflation data."

Adding: "And lately, we have been getting some of that."

At the Federal Reserve's meeting on July 30-31, it is anticipated that policymakers will keep the policy rate at 5.25-5.5%.

However, they might lay the groundwork for lowering rates due to recent improvements in reducing price pressures, such as the unexpected decrease in prices in June.

Elsewhere in the interview, Dimon, who has been the CEO of JP Morgan Chase since 2006, mentioned to the NZZ that there is a plan in place for his eventual replacement, with the final decision being made by the board of directors.

"The board knows the candidates very well, they are all very capable," he told the publication, adding that they are also considering external people, but it will most likely be someone internal.

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