JPMorgan sees a saving in tension and focusing on stablecoins

The CEO of JPMorgan Jamie Dimon calms the ardor of the markets on the rates and kisses the rise of the Stablecoins without fear. This hybrid posture speaks volumes about JPMorgan's strategy in a context of global monetary transfer. All details below!

JPMorgan brakes the euphoria around the rates

Despite A first decrease of 25 pointsJamie Dimon believes that the Fed will not soften more as long as inflation does not descend under 3 %. The latest data show an increase of 0.4 % in August, or 2.9 % over 12 months (above the 2 % target). The gap therefore remains too wide to consider a more conciliatory monetary policy.

David Kelly, a global JPMorgan strategist, strengthens this position. He alerts on The risk of a biased perception. The fact is that Fed influenced by political pressures would lose credibility. He cites in particular the disputed appointment of Stephen Miran to the Fed Council as a worrying signal.

In this climate, too fast a drop could therefore make inflation jump. But not only! This would also cause tensions on the dollar and weaken the bond markets.

Faced with this situation, the scenario chosen by JPMorgan remains progressive: Three new decreases by 2026but conditioned on reliable economic data. Far from the anticipations of certain actors who provide up to five rate cuts, this cautious positioning seeks to preserve the balance between price stability and employment support.

Stablecoins, a controlled strategic bet

On another forehead, Jamie Dimon does not consider stablecoins as a threat For bank deposits. He support Even that their use responds to a logic of efficiency, especially internationally. The reason is that users find it a simple way to access digital dollars, without the need for a bank account in the United States.

In this sense, JPMorgan plans The creation of a banking consortium around stablecoins. This project aims at:

• supervise the use of these digital assets;
• Explore concrete use cases.

This approach therefore reflects a change of approach: to integrate these technologies instead of facing them.

However, The development of stablecoins raises major regulatory issues:

• constantly evolving legislation;
• Persistent uncertainty areas around supervision, the fight against money laundering or compliance with KYC standards.

According to JPMorgan, closer links between institutions could allow Better coordination in the face of these challenges.

One thing is certain: JPMorgan sketches today a hybrid positioning. A dynamic that other financial players could soon follow, as the border between traditional finance and innovation is erased.