Jamie Dimon, CEO of JP Morgan Chase & Co., testifies at Capitol Hill in Washington, USA on April 10, 2019. REUTERS / Aaron P. Bernstein

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Nov. 23 (Reuters) – JPMorgan Chase and Co (JPM.N) CEO Jamie Dimon joked that his bank would outlast the Chinese Communist Party during a speech in Boston on Tuesday.

While reiterating his bank’s commitment to doing business in China, Dimon said, “I made a joke the other day about the Communist Party celebrating its 100th anniversary – JPMorgan too. let’s last longer. “

Dimon added, “I can’t say that in China. They’re probably listening anyway.”

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JPMorgan has been operating in China since 1921, the same year the Communist Party was founded there. Earlier this year, she gained approval from Chinese regulators to fully own her securities business in China.

Speaking in a series of interviews with CEOs at Boston College, Dimon expressed his perspective on a wide range of topics.

Dimon expects inflation from supply chain problems to be fleeting, but the rise in oil prices and wages will not go away, he said. He predicts that one or two percentage points of the recent 5% inflation rate in the United States will subside as the prices of items such as used cars and lumber cease to rise. to augment.

“There are other things that are probably not that transient,” Dimon said. “I don’t think oil prices are going down.”

Dimon estimated that there is about a third chance that inflation will be low enough to cause moderate increases in market interest rates that do not plunge the economy into recession. There is an equal chance that inflation will rise and cause the Federal Reserve to withdraw support for the economy, possibly causing a mild recession, he said.

Dimon also described the US economy as “booming”.

“Consumers and businesses are in good financial health and there are still more monetary and fiscal stimulus to come,” he said.

When asked about cryptocurrencies, Dimon repeated the prior warnings to buyers. “It’s not really a currency,” Dimon said, calling them “crypto tokens” with no intrinsic value that have increased in price on speculation fueled by government stimulus payments.

“It’s hysteria,” he said.

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Editing by Matt Scuffham, Editing by Nick Zieminski

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