JPMorgan's Jamie Dimon warns world unprepared for 7% Fed rate hike

JPMorgan Chase CEO Jamie Dimon warns that the world may not be prepared for the Federal Reserve's benchmark interest rate rising to 7%, citing potential stress in the system. Dimon highlights risks such as the Ukraine war and oil prices that could lead to a hard landing for the U.S. economy. His comments contrast with the consensus that the Fed is nearing the end of its tightening cycle, with some projecting one more rate hike this year. UBS economists, however, project a soft-landing environment with no further rate hikes in 2022.