Steven Goldstein is based in London and responsible for MarketWatch's coverage of financial markets in Europe, with a particular focus on global macro and commodities. Previously, he was Washington bureau chief, directing MarketWatch's economic, political and regulatory coverage. Follow Steve on Twitter: @MKTWgoldstein.
JPMorgan Chairman and CEO Jamie Dimon and BlackRock CEO Larry Fink both have one decade in mind — the 1970s.
Dimon, who made headlines when he suggested U.S. interest rates might go to 7%, made similar comments again on Tuesday, talking of the possibility the whole interest rate curve might rise by 100 basis points. The JPMorgan JPM, +0.11% chief executive also said that while he stood behind the ideas of ESG, “governments want to whack-a-mole and force it, but no carbon taxes, no rational way to go about it.” He lamented that in the U.S., companies can’t build pipelines to reduce coal emissions, and that it’s difficult to get permits to build solar and wind projects. He also said nuclear proliferation rather than climate change is the bigger threat to mankind.
Fink counted a number of inflationary forces, including the politicalization of supply chains, populism, and restrictions on legal immigration. Conflating the fiscal deficit for debt, he noted the big surge from roughly $8 trillion at the beginning of the century to $33 trillion now, which he also said was inflationary, as was the rise in the Federal Reserve’s balance sheet.
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