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JPMorgan chief Jamie Dimon sounded the alarm on a possible recession, warning Wall Street to prepare for the threat of rising interest rates even as inflation slows.

A lot of things out there are dangerous and inflationary. Be prepared, Dimon said at the New York Times DealBook Summit in New York on Wednesday.

Interest rates may go up and that might lead to recession,” he added, according to CNN Business.

Dimon’s comments suggest that he doesn’t forecast a rate cut following the next two-day Federal Open Market Committee meeting on Dec. 11 and 12.

Federal Reserve officials have unanimously decided to keep the benchmark federal funds rate at its current 22-year high, between 5.25% and 5.5%, for the past two policy meetings with little indication that theyll slash interest rates moving forward.

Fed Chair Jerome Powell even reiterated during his closely watched speech during the International Monetary Funds policy panel in Washington, DC, earlier this month: “If it becomes appropriate to tighten policy further, we will not hesitate to do so.”

Economists have been divided on what central bankers’ next move is — and whether it means the US economy is in for a soft landing, which will see it skirting a recession, or a hard landing.

“Im cautious about the economy,” Dimon said, per CNN.

The 67-year-old investment banking boss also noted that “inflation is hurting people,” and in a moment of positivity, pointed to the resilient labor market.

Representatives for Dimon at JPMorgan declined to comment.

Economists have cited October’s weaker-than-expected jobs report — when the Bureau of Labor Statistics reported that the US economy added 150,000 positions — as a signal that an interest rate cut is forthcoming.

The unemployment rate is now 3.9%, the agency said, above the Feds 3.8% year-end forecast.

Inflation has also trended weaker than central bankers estimates as Americans see some reprieve from the Feds aggressive tightening cycle, which began in March 2022, when rates were between 0.25% and 0.5%.

By June of last year, inflation peaked at 9.1% and rates have since increased at a pace not seen in 40 years.

The Fed hasn’t cut interest rates in over a year despite falling inflation, which slowed to 3.2% in October, according to the Consumer Price Index, which tracks changes in the costs of everyday goods and services.

The figure marked a drop from Septembers 3.7% advance, though it remains well above the Fed’s 2% inflation target, which the US economy hasnt seen since 2012.

In an interview with Bloomberg TV last month, Dimon suggested that Americans are in for an interest-rate hike as steep as 1.5 percentage points, to a staggering 7%, which would mark the highest federal funds rate sine December 1990.

Dimon’s warnings of a recession echo those of hedge fund titan Bill Ackman, who said just this week that the Fed needs to slash interest rates as early as the first quarter in order to avert a real risk of a hard landing for the US economy.

Ackman told Bloomberg that if the Fed keeps rates around the 5.5% range while inflation trends below 3%, thats a very high real rate of interest.

Whats happening is the real rate of interest, which is what impacts the economy, keeps increasing as inflation declines, said the Pershing Square Capital Management founder.

I think theres a real risk of a hard landing if the Fed doesnt start cutting rates pretty soon, Ackman added, per Bloomberg, noting that hes seen evidence of a weakening economy.

Traders, however, arent fully pricing in a rate cut until the end of 2024s second quarter, in June, Bloomberg reported, citing swaps market data.

The chance of a cut happening in May is some 80%, the data showed.

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Sports

Islanders hiring Darche from Lightning as new GM

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Islanders hiring Darche from Lightning as new GM

The New York Islanders have the man to make the first pick in the draft. The team hired Tampa Bay Lightning assistant general manager Mathieu Darche as its new GM.

Darche, 48, has worked in Tampa Bay’s front office since 2019, helping the Lightning win two Stanley Cups. He was viewed by many in the league as GM Julien BriseBois’ right-hand man. This will be Darche’s first general manager job after being a candidate for a handful of openings over the last several years.

“With the Islanders owning the first overall pick in the upcoming NHL Draft and preparing to welcome the Olympic sendoff at UBS Arena next season, there is much to which our franchise, our players, and our passionate fans can look forward,” Islanders managing partner John Collins said. “Mathieu’s arrival adds to that momentum.”

Darche played parts of nine seasons in the league with five different teams. With a commerce degree in marketing and international business from McGill University, Darche also has experience working for the NHL Players’ Association in labor negotiations.

“I am truly honored by the opportunity to be the New York Islanders General Manager and Executive Vice President,” Darche said. “I’d like to thank Scott Malkin, Jon Ledecky, John Collins, and the entire ownership group for entrusting me with the hockey operations of this great franchise.”

The Islanders’ other finalist, according to sources, was Marc Bergevin, the former Montreal Canadiens GM who spent last season in the Los Angeles Kings front office.

Sources also said the Islanders received permission from the Maple Leafs to speak to Brendan Shanahan before it was decided by Toronto’s board that the Hockey Hall of Famer’s contract would not be renewed. According to sources, the Islanders were viewing Shanahan for a president role, similar to one he had with Toronto; however, Darche is the only hire expected at this time.

Darche takes over for Lou Lamoriello, who was fired after seven seasons on the job. New York didn’t make the playoffs this season and hasn’t made it past the first round since 2020-21 — when the Islanders lost in the East semifinals to the Lightning. Even after the decision to move on from Lamoriello, the team has still been consulting with the Hockey Hall of Famer, whose contract expires on June 30.

This is the second high-profile departure for the Lightning this offseason after assistant coach Jeff Blashill was hired by the Blackhawks on Thursday to be their head coach.

The Isles have the No. 1 pick in the 2026 NHL draft after receiving some lottery luck — jumping from 10th to the first selection earlier this month. This will be the first time the Islanders have the top pick since taking John Tavares in 2009.

Matthew Schaefer and Michael Misa are widely believed to be the best two prospects in the draft. However, the Islanders may be tempted by a hometown talent, James Hagen, who grew up in Hauppauge, New York, as a fan of the Islanders.

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Southport attack victim’s teachers ‘don’t want her to be forgotten’

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Southport attack victim's teachers 'don't want her to be forgotten'

The teacher of one of the Southport stabbing victims has told Sky News they “don’t want her to be forgotten”, 10 months after the knife attack in which she was murdered.

Seven-year-old Elsie Dot Stancombe was killed along with Bebe King, six, and nine-year-old Alice da Silva Aguiar in an attack by Axel Rudakubana at a Taylor Swift-themed dance class last July.

Jennifer Sephton, headteacher of Farnborough Road Infant School, will be skydiving to raise funds for the Elsie’s Story charitable trust, which has been set up in memory of the former pupil.

Alice da Silva Aguiar, Elsie Dot Stancombe and Bebe King were murdered in an attack at a Taylor Swift-themed class.
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(L-R) Alice da Silva Aguiar, Elsie Dot Stancombe and Bebe King were killed in an attack at a Taylor Swift-themed class


“She’d been with us for four years, throughout her education,” Ms Sephton told Sky News, “and we just want everybody to know Elsie’s spirit.”

Describing Elsie as “such a determined young lady,” Ms Sephton said Elsie had “a real zest for life, and a sparkle in her eye all the time.”

She added that Elsie’s Story, which has been set up by Elsie’s family, is about “continuing that legacy.”

Jennifer Sephton
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Jennifer Sephton

In the aftermath of the July 2024 attack, the gates outside Elsie’s school were lined with flowers, balloons, and cards bearing her name.

Since then, memorial benches and a tree have been planted in the school grounds, providing pupils and staff with a place to “remember and reflect”, Ms Sefton says.

“[Elsie’s death] had such an impact on all our community,” the teacher said, “it’s had an impact on her friends, their siblings, our school as a community and our staff.”

Read more:
Southport survivor wants end to use of traditional kitchen knives

Adrian Antell
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Adrian Antell

‘We want her name to live on’

Ms Sephton will be joined in the skydive by Adrian Antell, headteacher at the adjoining junior school where Elsie had been due to start.

“Elsie was due to come to us last September,” he told Sky News, “but what we’ve learned about her is that she had a wonderful impact in the infant school, and we don’t want her to be forgotten.

“We want her name to have to live on and to be thought of in a positive way.”

Mr Antell said they continue to support Elsie’s classmates, who joined the new school without her.

“There’s no instruction manual for this,” he explained, “every day is different, and every day is one step at a time.

“So all we can do as a school is to think about individual children and support them in the best way we can.”

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Entertainment

The Phoenician Scheme: Is this every Hollywood actor’s ultimate bucket list job?

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The Phoenician Scheme: Is this every Hollywood actor's ultimate bucket list job?

Wes Anderson is a rarity in Hollywood, with an unswayed distinct aesthetic which has every big name in Hollywood pleading to be in his next project.

Fronted by Benicio del Toro, his new film The Phoenician Scheme sees the return of numerous previous collaborators including Tom Hanks, Jeffrey Wright and Scarlett Johansson, but also adds new faces to the Anderson universe.

It is set in the 1950s and follows a ruthless yet charismatic European business tycoon called Zsa-Zsa Korda who, in Anderson’s own words, “has very little obligation to honour the truth.”

Looking to solidify his own legacy, without much thought for his 10 children, the slaves he wants to use or the land he wants to exploit, Sza-Sza chases multiple deals so he can build his career-defining project, Korda Land and Sea Phoenician Infrastructure Scheme.

Director Wes Anderson on the set of THE PHOENICIAN SCHEME, a Focus Features release. Credit: Roger Do Minh/TPS Productions/Focus Features .. 2025 All Rights Reserved.
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Director Wes Anderson on set. Pic: Roger Do Minh/TPS Productions/Focus Features

‘A motivation pill

The Phoenician Scheme was partly inspired by the life of Anderson’s father-in-law, whom he dedicated the film to, Lebanese businessman Fouad Malouf.

Del Toro tells Sky News it was a gift to play a truly unique character.

“It’s like taking a motivation pill,” he says.

“You’re motivated because it’s Wes Anderson, you’re motivated because of the script and the story and the character. It’s unpredictable, original. [There’s] one hell of an arc, and it’s full of contradictions.”

Director Wes Anderson on the set of THE PHOENICIAN SCHEME, a Focus Features release. Credit: Roger Do Minh/TPS Productions/Focus Features .. 2025 All Rights Reserved.
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Director Wes Anderson on set. Pic: Roger Do Minh/TPS Productions/Focus Features

Always an actor in mind – well, mostly…

Michael Cera, who plays Bjorn, says he had a “sense of dread” joining the cast. His role was written with him in mind, something he still can’t believe is true.

“[Anderson] has got every actor at his disposal, you’d imagine,” he says.

With production pushed back due to an actors’ strike, Cera feared the project might “fall apart”.

“I was not really at ease until we were there,” he admits.

Every detail is meticulously planned in the Anderson film universe – from the art on the walls (original works from Renoir and Magritte in this case), to the intricate backstory of a character collecting fleas in a plastic bag as a child.

While most roles are written by the Fantastic Mr Fox filmmaker with certain actors in mind – the exception this time is Liesl, the daughter of the business tycoon.

(L to R) Michael Cera as Bjorn and Benicio Del Toro as Zsa-Zsa Korda in director Wes Anderson's THE PHOENICIAN SCHEME, a Focus Features release. .Credit: Courtesy of Focus Features .. 2025 All Rights Reserved.
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Michael Cera as Bjorn and Benicio del Toro as Zsa-Zsa Korda. Pic: Focus Features

The dream phone call

After months of an audition process, Mia Threapleton got the call to play the straight-talking nun who is beckoned by her father to inherit the family business after his sixth near-death experience.

The 24-year-old daughter of Kate Winslet got the news via a call from her agent while she was on the train – and was in such disbelief she told her to call them back.

“I didn’t believe them – and she laughed at me [and said] ‘of course I’m not lying to you, this is true’. And then I sat on the floor and I cried.”

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Del Toro believes it was Threapleton’s screen test where she stood out as an “inventive” actor who thought on her feet that got her the part, having fashioned part of a makeshift nun costume with a napkin from a lunch tray.

“I said, ‘is there anyone who got any hairpins?’ And I pinned it to my head.”

Ticking a Wes Anderson film off the bucket list is a goal for many actors. Threapelton says she still hasn’t come to terms with achieving it so early in her career.

The Phoenician Scheme is in cinemas now.

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