Jamie Dimon says Ukraine war bigger threat to global economy than rate hike

JPMorgan building

Jamie Dimon, CEO of JPMorgan Chase & Co., said a bigger risk to the global economy than rising interest rates is the war in Ukraine, and the crisis could have years to run.

In an interview with Bloomberg, Dimon said the US Federal Reserve should have moved quicker to raise rates as inflation hits the world economy.

"But I don't think that raising rates and slowing economic growth pose a greater risk to the global economy than the potential consequences of the crisis in Ukraine," Dimon added.

He also noted that the Cold War is back, adding that the allies should unite not just for military purposes but for investment, economic and strategic purposes.

On May 4, the Federal Reserve raised interest rates by 50 basis points, the biggest hike in interest rates in two decades, Argaam reported.