Jamie Dimon expects 'more surprises' from markets after U.K. pension drama.
By The Exchange Team
After a meltdown in U.K. government bonds last month, JPMorgan Chase CEO Jamie Dimon believes investors can expect additional blowups.
After the value of U.K. gilts plummeted in response to fiscal stimulus announcements, the central bank intervened to stabilise markets.
This averted disaster for pension funds that used leverage to boost returns, which were thought to be on the verge of failing.
Dimon told analysts on a teleconference on Friday to discuss third-quarter earnings that he was shocked by pension plans' indebtedness.
“My experience in life has been when you have things like what we’re going through today, there are going to be other surprises.”
The Federal Reserve's campaign to bring down rising inflation in the United States has been felt around the world.
The dollar's historic rise in value has pushed down foreign currencies and sovereign debt, complicating other countries' battles with inflation.