Dimon was speaking as part of a panel at the Future Investment Initiative summit in Riyadh, Saudi Arabia.
He said global central banks got financial forecasting “100% dead wrong” about 18 months ago. This means they should have some humility about the outlook for next year. Dunno if anyone wants to track down Mr. D’s forecasts …? I’m sure they are MUCH better.
Looking ahead, Dimon is doubtful that central banks and governments around the globe are going to be able to manage the gyrations in economies from rising inflation and slowing global growth, saying:
- Fiscal spending is more than it’s ever been in peacetime
- There’s this omnipotent feeling that central banks and governments can manage through all this stuff
- is cautious about what will happen next year
- “I don’t think it makes a piece of difference whether rates go up 25 basis points or more. Whether the whole curve goes up 100 basis points, be prepared for it. I don’t know if it’s going to happen.”
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Dimon with the “I don’t know” – showing some humility due to prior wrong forecasts?
This article was written by Eamonn Sheridan at www.forexlive.com. Source