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

"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…