Trump's Treasury nominee: Fed should be patient with rate cuts

JPMorgan Chase CEO Jamie Dimon said the Federal Reserve should be patient when it next adjusts interest rates to take into account the possibility of rising inflation again in a turbulent world. "Inflation is moving in the right direction. But if the Fed waits now, it would be better," Dimon said. "I think there are many reasons why inflation could rise again in the future: increased government spending, the remilitarization of the world, massive investments in the green economy, and structural adjustments to trade," he said. At the Fed's July meeting, policymakers are expected to keep interest rates unchanged at 5.25-5.5%, but they may set a timetable for rate cuts in light of new progress in easing price pressures, including an unexpected drop in inflation in June. U.S. presidential candidate Trump previously said that if elected president, he would consider inviting Dimon to serve as Treasury Secretary. (Jinshi)