JPMorgan CEO urges Fed not to cut rates until after June

JPMorgan Chase chief executive Jamie Dimon on March 12 urged the US Federal Reserve to wait until after June before cutting interest rates, arguing that the central bank needs to shore up its inflation-fighting credibility.

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"I think they have to be data-dependent. If I were them, I would wait," Mr Dimon said at the Australian Financial Review Business Summit via a live stream from New York.

"You can always cut it quickly and dramatically. Their credibility is a little bit at stake here. I would even wait past June and let it all sort it out." Markets see an 84 per cent probability that the Fed will lower rates in June and have priced in 90 basis points of cuts for 2024.

Mr Dimon said the United States economy was doing so well that it could almost be characterised as a boom, but cautioned against the wholesale embrace of the soft landing narrative by markets.