Dimon warns that the Fed could still raise interest rates sharply from here

“I am not sure if the world is prepared for 7%,” he told The Times of India in an interview.

JPMorgan Chase CEO Jamie Dimon is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth.The comments come less than a week after Fed officials indicated that they could approve another quarter point increase before beginning to cut a few times in 2024.is warning that interest rates could go up quite a bit further as policymakers face the prospects of elevated inflation and slow growth.

"I am not sure if the world is prepared for 7%," he said, according to a transcript of the interview."I ask people in business, 'Are you prepared for something like 7%?' The worst case is 7% with stagflation. If they are going to have lower volumes and higher rates, there will be stress in the system. We urge our clients to be prepared for that kind of stress."

To emphasize the point, Dimon referenced Warren Buffett's much-cited quote,"Only when the tide goes out do you discover who's been swimming naked."

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