JPMorgan Chase’s president that crypto “is kind of irrelevant in the scheme of things.” Commenting on the U.S. economy, he defended the Federal Reserve’s hawkish stance, emphasizing that if the Fed’s action “causes a slightly deeper recession for a period of time” then “that is the price we have to pay.”
JPMorgan Chase President on U.S. Economy and Recession
JPMorgan Chase President Daniel Pinto commented on the U.S. economy and cryptocurrency in an interview with CNBC, published Monday. Pinto is also the global investment bank’s chief operating officer and CEO of its Corporate & Investment Bank.
The 59-year-old executive grew up in Argentina as a child where inflation was often very high, he shared, noting that living with pervasive inflation was “very, very stressful.” Price increases in Argentina averaged more than 300% a year from 1975 to 1991.
Pinto opined:
That’s why when people say, ‘the Fed is too hawkish,’ I disagree. I think putting inflation back in a box is very important … If it causes a slightly deeper recession for a period of time, that is the price we have to pay.
The JPMorgan president stressed that the Federal Reserve cannot allow inflation to become ingrained in the economy, emphasizing that a premature return to easier monetary policy risks repeating the mistakes of the 70s and 80s.
Crypto Is ‘Kind of Irrelevant’
Commenting on cryptocurrency, the JPMorgan executive claims that there is little progress…
