Jamie Dimon

“These financial cleansings are really important to how you set up asset markets; they’re really important for how the Fed regains credibility; and they’re very important for curbing excessive risk-taking.”

While markets have so far shrugged off the inevitable rate rises, there’s plenty more to come – and the global outlook keeps getting gloomier. The Fed’s decision to unleash massive monetary stimulus in the early days of Covid-19 (and in nearly every economic crisis before it) ushered in a brief golden age for markets. But…