Fed rate cut of 0.25% or 0.5% won’t be ‘earth shattering’: JPMorgan CEO

Jamie Dimon, CEO, JPMorgan Chase 

JPMorgan Chase CEO Jamie Dimon said that the US Federal Reserve rate cut by 25 or 50 basis points (bps) is “not going to be earth-shattering”, Bloomberg reported.

“They need to do it. But it’s a minor thing when the Fed’s raising and lowering rates because underneath that there’s a real economy,” Dimon told the Georgetown Psaros Center for Financial Markets and Policy’s annual financial markets quality conference on Sept. 17.

He reiterated that geopolitical issues, including the wars in Ukraine and the Middle East, as well as the US-China relations, are his main concerns.

It “dwarfs any one I have had since I have been working,” the report said, citing Dimon. 

He stated that “people overly focusing on whether there will be a soft or hard landing, adding “most of us have been through all that stuff, it doesn’t matter as much.” 

The Federal Reserve is expected to lower interest rates this week in more than four years at its meeting, which will conclude on late Wednesday. However, experts are divided on a 0.25% or 0.5% cut.