Dimon says Fed should hold off on rate cuts as global spending mounts

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“Fiscal spending has a multiplier effect, meaning if I give you money, you spend that money. Companies are making profits from the same ‘heroin’ driving up stock prices and earnings,” he said. The US economy “was doing fine” and “jobs were plentiful” while consumers continued to spend money, and credit losses remained low. Mr Dimon, whose bank oversees some $US3.9 trillion ($5.9 trillion) in assets, was more concerned about ongoing conflicts in Ukraine and the Middle East, and the flow-on effects these wars had on oil prices, arms trades from countries such as Iran or North Korea and China being...