Finance

Dimon says Fed will likely still hike rates in December despite market turmoil

Andrew Harrer | Bloomberg | Getty Images

Jamie Dimon, chief executive officer of JPMorgan Chase & Co.

Despite the stock market sell-off this week, J. P. Morgan Chase CEO Jamie Dimon predicts the Federal Reserve will likely still raise interest rates in December.

“The fact is, it’s a strong economy and normalizing rates is a good thing — they will do December,” Dimon said in an interview with CNBC’s Becky Quick Thursday.

Dimon, who was in Washington at the Business Roundtable’s CEO Innovation Summit, said the Fed will “stay on course.”

“The world will be much happier if America’s growing and rates go up a little bit than if we have a recession and rates go down,” Dimon said. “It’s better for the world.”

While some investors are less optimistic on areas like mortgages and auto sales, Dimon said those areas are “humming along” and that any weakness there would have a minor total effect on the U.S. economy.

—This is a developing story. Check back here for updates.



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