While reiterating his bank's commitment to doing business in China, Dimon said: "I made a joke the other day that the Communist Party is celebrating its 100th year." I would bet that we last longer.
I can't say that in China. They are probably listening.
The Communist Party was founded in China in 1921, the same year that JPMorgan began operating there. The Chinese regulators approved it to fully own its China securities venture.
Speaking as part of a Boston College series of CEO interviews, Dimon offered his views on a broad range of topics.
Inflation from supply chain issues will be fleeting, but higher oil prices and wages will not go away. The recent 5% US inflation rate will be phased out as prices for items such as used cars and lumber stop rising.
"There are other things that are not temporary," he said. I don't think oil prices are going to go down.
There is a chance that inflation will be small enough to cause moderate increases in market interest rates that will not push the economy into recession. He said there is a chance that inflation will push the Federal Reserve to withdraw support for the economy, which could cause a mild recession.
The U.S. economy is booming, according to Dimon.
Consumers and businesses are in good financial shape and there is still more monetary and fiscalStimulus coming.
He repeated warnings to buyers about cryptocurrencies. "It's not a currency at all, it's a virtual token with no intrinsic value that has run up in price on speculation fueled by government payments," he said.
He said it was hysteria.
