JP Morgan CEO Jamie Dimon Says They Have A War Chest Of About $500 Billion In Cash, Waiting To Invest In Higher Rates

‘I do expect you will see higher rates and more inflation today,’ Dimon says



Banking giant JPMorgan has been sitting on about a half-trillion-dollar stockpile of cash, waiting to invest in higher rates in the coming months, instead of buying Treasurys or other securities, Chief Executive Jamie Dimon said Monday at a virtual banking conference.

“We do expect rates to stay low for a bit longer; the Fed has told us that,” Dimon, the longtime boss of JPMorgan Chase & Co., JPM, -1.70% said Monday at the Morgan Stanley U.S. Financial Services Conference, per an initial transcript of the talk.

But “if you look at our balance sheet, we have like $500 billion in cash and we’ve actually been stockpiling more and more cash waiting for [an] opportunity to invest in higher rates,” Dimon said.

The plan aims to position the bank to “benefit from rising rates both from the short end and the long run and long rates,” he said, adding that it will hinge “on the decision we make over the next six to nine months.”

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