The Clap👏 Forget three, four, or even five interest rate hikes this year. JPMorgan (NYSE: JPM) predicts NINE rate hikes up until March 2023. Got questions? You can find the multinational bank in the metaverse.
NINE RATE HIKES?!😨 Nine consecutive rate hikes. JPMorgan Economists expect the U.S. Fed to hike rates by 25 basis points (0.25%) at every single policy meeting up until March 2023.
Don’t worry, we did the math. Nine multiplied by 0.25% gets you 2.25%. That’s a 2.25% interest rate increase by March of next year. Yikes.
Why this Matters🤔 Higher interest rates mean higher borrowing costs, which decrease demand (& therefore price) for key drivers of U.S. inflation, such as cars & homes.
U.S. inflation is sky-high, as consumer prices grew at the fastest rate in almost forty years last month.
A Bank in the Metaverse🌌 The news above comes a few days after JPMorgan announced its entry into the Metaverse, making it the first bank to do so. JPMorgan revealed a lounge named “Onyx”, the same name as the bank’s blockchain unit, as well as a report titled “Opportunities in the metaverse”.
If you happen to stop by the lounge, say hi to CEO Jamie Dimon’s portrait for us. Oh, & the tiger of course.