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The global economy may not be ready to face the worst-case scenario of the U.S. interest rate rising as high as 7% with stagflation, according to the CEO of investment banking giant JPMorgan (JPM), Jamie Dimon, Bloomberg reported on Tuesday. Since March 2022, the Federal Reserve has raised the benchmark borrowing cost by 525 basis points to the 5.25%-5.5% range to tame inflation. The so-called tightening cycle was partially responsible for last year’s crypto market crash. According to Dimon, the Fed may have to keep raising rates to subdue persistent inflation and impending increases will likely be more damaging to the global economy.
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