) Chief Executive Jamie Dimon credited the U.S. Federal Reserve on Wednesday with doing the “right thing” in supporting the overnight funding needs of banks after borrowing costs suddenly spiked on Monday.
Dimon, who spoke to reporters at an event hosted by the Business Roundtable in Washington, said he did not believe the funding squeeze problem that prompted the Fed to act was a cause for immediate concern. But he said it highlighted underlying structural issues with the market that should be fixed. Interest rates in U.S. money markets shot up to as high as 10% for some overnight loans on Tuesday amid a cash crunch, and the Fed was expected to step in to support the market again on Wednesday.
Dimon tried to assuage concerns that the crunch could cause broader instability in the banking system, saying banks have a “tremendous amount” of liquidity, but are constrained in how they can use it when rates consistently fluctuate.
Looks like they're trying to do some crazy shit this year with USPS
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Fed Steps Into Repo Market to Control Soaring RatesThe Federal Reserve Bank of New York entered the money markets with up to $75 billion of transactions to tamp down rising interest rates that had threatened the central bank’s control of its benchmark fed-funds rate.
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