JPMorgan CEO Jamie Dimon on the Fed: 'It's a lot of chatter about nothing'
Speaking at a financial services conference on Friday, the banking chief said all the recent buzz about whether the Federal Reserve will soon begin to raise interest rates is "a lot of chatter about nothing."
"I don't want to add to that chatter. Let the Fed decide when to raise rates," he said.
On Thursday, Federal Reserve Board decided to leave the federal funds rate unchanged at 0-0.25%.
This of course has a big implications for the banks, which issue loans that have interest rates based on the Fed's.
Bank of America Merrill Lynch CEO Brian Moynihan on Thursday said his bank could earn up to $4 billion more per year as rates begin to rise.
He said that benefit would be seen "at the short end of the rate curve."
Both CEOs noted that their banks are nonetheless well-positioned for continued growth in the current low-rate environment.
Still, Dimon said, "I think normalization is a good thing - I prefer we just get on with it."
"The one thing that I do worry about a little bit is Treasurys," Dimon said. "Interest rates have been so low for so long," he said, and not only have many traders never seen interest rates rise, but many of their bosses have never experienced it either.
He said he would not be shocked to see trading in 10-year Treasurys become volatile.
But overall, he said, "It's not a big deal. I'm not panicked over it."