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JPMorgan Chase CEO Jamie Dimon has expressed concerns about the Federal Reserve potentially raising interest rates to 7% and that the U.S. economy could experience stagflation. “I am not sure if the world is prepared for 7%,” he stressed, adding that there is “a range of outcomes.” Jamie Dimon’s Economic Warnings The CEO of JPMorgan Chase, Jamie Dimon, discussed various aspects of the U.S. economy, including the impact of further interest rate hikes, in an interview with the Times of India, published Tuesday. When asked about the possibility of a hard landing in the U.S., the JPMorgan boss replied: “No one knows. There is a range of outcomes. It will be affected by everything else — Ukraine, oil, gas, war, Europe.” The executive added: “I would be cautious … We have to deal with all these serious issues over time, and the deficits can’t continue forever. So rates may go up more. But I hope and pray there is a soft landing.” Dimon explained: “When rates go up sharply, there is stre...

The Bank of Tanzania said on Sept. 25 that it has kickstarted an initiative that seeks to boost the country’s foreign exchange reserves by buying gold with local currency. The bank said its objective is to acquire six tonnes of gold from miners and traders in 2023 alone. The Tanzanian Gold Reserve The Tanzanian central bank said on Sept. 25 that it had commenced the so-called domestic gold purchasing program which aims to boost the country’s foreign exchange reserves. According to a report in The Chanzo Initiative, the start of the gold-buying program came nearly six months after the Tanzanian government unveiled the process to launch the gold reserve. In a video update shared a few days before the Sept. 25 announcement, the Bank of Tanzania (BOT) governor Emmanuel Tutuba said the institution had already bought some 418 kilograms of gold. However, the commodity was subsequently sold and the revenues generated have since been transferred to the country’s forex reserves. The centra...