Джейми Даймон: инфляция не дает ФРС снизить ставки, стейблкоины становятся актуальными Translation: Jamie Dimon: Inflation Prevents the Fed from Lowering Rates, Stablecoins Are Becoming Relevant

JPMorgan CEO Jamie Dimon commented that the Federal Reserve is unlikely to reduce the benchmark interest rate without a significant slowdown in inflation. He also spoke positively about stablecoins.

«If inflation doesn’t go away, it will be challenging for the Fed to lower rates in the future,» the top executive of the largest bank in the US shared.

He indicated that inflation is «stuck» at around 3%. Dimon added that he sees more factors for an increase in this rate than for a decrease.

At the same time, he expressed hope for sustained economic growth and a softening of monetary policy—not as a forced measure by the regulator amid a recession, but as a logical step in light of positive dynamics.

On September 17, the Fed cut the key rate for the first time since December 2024 by 0.25%—to a range of 4-4.25%. The outcome of the meeting aligned with investor expectations.

Market participants anticipate two more rate cuts of 25 basis points each—at the end of October and the beginning of December.

The «cheap money» policy often supports cryptocurrencies—affordable credit increases investors’ willingness to take risks. Bitcoin reacted rather cautiously to the latest rate change, while many altcoins experienced significant growth.

The Fed’s forecasts suggest two rate cuts in the coming months and another in 2026. Inflation in the US rose by 0.4% in August and reached 2.9% year-on-year, exceeding the target level of 2%.

Dimon specifically addressed the topic of stablecoins, which gained relevance after Congress approved three cryptocurrency bills in July.

According to the JPMorgan chief, financial institutions have no reason for serious concern. However, he stressed that banks and other market players must closely monitor the developments of these assets and «understand their nuances.»

«There will be people who want to hold dollars through stablecoins outside the US—from bad actors to good ones, and even various countries. It’s probably better to keep dollars with them than to place them in the banking system,» he remarked.

The financier emphasized that JPMorgan is engaging with stablecoins, and banks are discussing the possibility of forming a consortium to issue their own token.

«I’m not sure that central banks need to use this [for settlements] with each other. However, over time, it will evolve,» Dimon concluded.

It is worth noting that JPMorgan experts described the anticipated «stablecoin race» in the US as a zero-sum game.