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<div>JP Morgan’s Pinto says Fed to hike towards 5.5%, see a US recession</div>

JP Morgan’s Pinto says Fed to hike towards 5.5%, see a US recession

JPMorgan’s President and Chief Operating Officer Daniel Pinto spoke on Friday ICYMI.

Said lending is slowing due to both supply and demand issues:

  • “There is no doubt that regional banks and smaller banks are building up liquidity, building capital, so they are lending a bit less”
  • “I don’t think that the big banks have really changed their lending standards… there is not a huge amount of loan demand in the first place.”

On the economy and Federal Reserve:

  • consumption remains positive
  • there are some indications the economy is slowing
  • “Likely the Fed will get to run towards 5.5% and then they will pause” to assess inflation … If inflation accelerates further, the Fed could raise rates 50 basis points with a series of smaller rate hikes

  • will be a “recession at some point”, but doesn’t see a crisis, “It’s just a slowdown in the economy”

Next Fed dates i June 13 &14:

This article was written by Eamonn Sheridan at www.forexlive.com.

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