Jamie Dimon throws down a new hawkish interest-rate number.
“ Going from zero to 2% was almost no increase. Going from zero to 5% caught some people off guard, but no one would have taken 5% out of the realm of possibility. I am not sure if the world is prepared for 7%. ”
That makes Dimon considerably more hawkish than his own economists — who just expect one more rate hike — or the markets in general. The yield on the 10-year Treasury BX:TMUBMUSD10Y jumped another 10 basis points on Monday to the highest level in nearly 16 years. The yield on the 30-year BX:TMUBMUSD30Y has surged as well, reaching its highest level in more than 12 years. The S&P 500 SPX did manage to advance on Monday despite long yields rising, but the index is 5% below its late July highs.
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