Warning From JPMorgan CEO: Property Industry Will Be Affected By US Banking Crisis

JAKARTA A few months ago, the United States experienced economic shocks due to the collapse of a number of US regional banks such as Silicon Valley Bank, Silvergate Bank, Signature Bank, to First Republic Bank. The US banking crisis has had a bad impact on the property industry.

According to JPMorgan CEO Jamie Dimon, in a meeting of the company's shareholders recently stated that the banking crisis would affect the property sector. This is claimed to affect property companies and construction loans.

Dimon, who often doubts the cryptocurrency, expressed his views on US interest rates. He predicts the Fed will raise interest rates significantly again. Because banks are increasingly tightening standards in lending. According to the CME's Fedwatch Tracker, Dimon's view is different from the view of the majority of investors who see the potential for lower interest rates.

Data from CME shows 71.9 percent of investors believe that the Fed will not raise interest rates next month, while 28.1 percent predict an interest rate hike.

Dimon, who has occupied the position of CEO of JPMorgan since December 2005, revealed that he does not plan to retire in the near future.

"In my opinion, everyone should be ready with an increase in interest rates from the current level. If a 5 percent increase is not enough... You must be ready with an increase to 6 percent, 7 percent," Dimon said as quoted by DailyHodl.

On January 19, 2023, when the crypto market was shaken by the collapse of FTX, Dimon expressed his doubts about Bitcoin. According to him, cryptocurrency is a waste of time. Then the CEO of JPMorgan called Bitcoin a sensation hoax. "Bitcoin is a pet rock," said Dimon at the time.