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The worldwide financial system is probably not able to face the worst-case situation of the U.S. rate of interest rising as excessive as 7% with stagflation, based on the CEO of funding banking large JPMorgan (JPM), Jamie Dimon, Bloomberg reported on Tuesday. Since March 2022, the Federal Reserve has raised the benchmark borrowing price by 525 foundation factors to the 5.25%-5.5% vary to tame inflation. The so-called tightening cycle was partially accountable for final yr’s crypto market crash. In keeping with Dimon, the Fed could must maintain elevating charges to subdue persistent inflation and impending will increase will seemingly be extra damaging to the worldwide financial system.
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