C.E.O. Jamie Dimon, has confirmed that JPMorgan is hoarding cash to benefit from increased rates in anticipation of a prolonged inflation.
- The bank is aiming at purchasing highly profitable assets from the increased interest rates.
- The leading U.S. bank says it will use its current $500 billion cash to invest in projects at higher rates.
- JPMorgan is forecasting a net interest revenue of $52.5 billion in 2021, lower than that of $55 billion it released in February.
The FED has termed the high inflation as temporary, but economists from Deutsche Bank and hedge fund billionaires have cautioned the body against assuming the increasing prices.
JPM: NYSE is up 0.0063 on pre-market.