Fed rate hikes seen 'higher-for-longer'

JPMorgan CEO says inflation will remain a problem

Strong underlying performance for the bank

The Chief Executive Officer of JPMorgan Chase has warned that US interest rates could climb to 8%. Jamie Dimon said he is skeptical that inflation will return to the Federal Reserve's 2% target, citing the impact of the pandemic and unprecedented government actions.

Dimon's comments come in his annual letter to shareholders, in which he also flagged higher-for-longer inflation and uncertain growth prospects. Despite these challenges, the bank reported strong underlying performance for 2021, with net income of $291 billion on revenue of $1229 billion.