Jamie Dimon, CEO of JPMorgan Chase, expressed skepticism on Friday about the prospect of a &#34;soft landing&#34; for the U.S. economy following the first interest rate cut by the Federal Reserve in over four years, stating that he is not too hopeful about the outcome.
During an event on Friday, he stated,
<blockquote>
&#34;I'm more skeptical than others about this. I think the likelihood of a soft landing is low.
I hope it's true, but I also have greater doubts about inflation easing so smoothly, not because inflation hasn't come down—of course, it has come down, and it may continue to come down.&#34;
</blockquote>
When asked if this rate cut would have an impact on the presidential election, Dimon added that this rate cut is unlikely to have any significant impact on the election.
The Federal Reserve cut its benchmark interest rate by 50 basis points on Wednesday. Dimon had previously stated that whether the Fed cuts rates by 25 basis points or 50 basis points, it would not be a &#34;earth-shattering&#34; event.
Dimon has repeatedly warned over the past year that inflation may be more stubborn than investors expect, citing factors such as fiscal deficit spending. In his annual shareholder letter in April, he wrote that JPMorgan Chase is prepared for fluctuations in rates ranging from 2% to 8% or higher.
<blockquote>
&#34;I'm not too hopeful about this soft landing. We may have transitioned from lower rates and lower inflation to slightly higher rates and inflation coexisting. Whatever the future holds, we will deal with it. Economists are used to dealing with these issues, this is not a disaster.&#34;
</blockquote>

Damon believes that inflation will not easily dissipate. He has previously warned multiple times that inflation may be more stubborn than investors expect, due to factors such as fiscal deficit spending

- Jamie Dimon, CEO of JPMorgan Chase, expressed skepticism about the U.S. economy achieving a "soft landing" following the Federal Reserve's first rate cut in over four years.  
- He noted that while inflation has decreased, he doubts it will continue to decline easily and believes the likelihood of a soft landing is low.  
- Dimon also stated that the recent rate cut is unlikely to significantly impact the presidential election and emphasized JPMorgan's preparedness for interest rate fluctuations.

JPMorgan Chase CEO Jamie Dimon: The likelihood of a soft landing for the U.S. economy is low