JPMorgan President Daniel Pinto made striking statements on cryptocurrencies, recession and Fed policy.
The economy, which was shaped after Covid, brought with it a series of problems. While the USA was struggling with inflation, Europe started to take measures against the danger of recession. Especially the war between Russia and Ukraine deeply affected the global economy. After the new economic steps in which the world has evolved, cryptocurrencies began to swing in the bear market.
JPMorgan President: Stocks Haven’t Bottomed Yet
In an interview with CNBC, the President of JPMorgan made striking statements about the financial sector by addressing the problems in the global economy.
Pinto, who grew up in Argentina, said that he knew inflation closely. Drawing attention to the strengthening of the dollar in the global economy, Pinto stated that if people do not turn to the dollar, they will experience a 20 percent meltdown. Mentioning that living with inflation is stressful and wearing out, the president underlined that precautions should be taken during this period.
Pinto was not included in the majority of views that Fed policy should change. Pinto said that there is a price to be paid to stop inflation. Arguing that Fed policy is not in a hawkish stance, the president did not hide his support.
Referring to the markets in the light of all these developments, the president claimed that the bottom has not yet been found. According to Pinto, the crisis has not yet begun in the global economy, which is facing recession. In this case, the severity of the recession is not yet known. In addition, Pinto argued that instant market conditions are recession pricing.
Making ambitious statements about cryptocurrencies, the president stated that cryptocurrencies have become a small class. Pinto reported heavy progress in the adoption of cryptocurrencies
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