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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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Canes bench G Andersen; Kochetkov to start G3

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Canes bench G Andersen; Kochetkov to start G3

FORT LAUDERDALE, Fla. — The Carolina Hurricanes are benching starter Frederik Andersen for Game 3 of the Eastern Conference finals.

Backup Pyotr Kochetkov, who replaced Andersen for the third period of their 5-0 loss to the Florida Panthers in Thursday’s Game 2, will get the start. Florida holds a 2-0 series lead over Carolina with Game 3 scheduled for Saturday night in Sunrise.

“Just change the vibe a little bit. I don’t blame Freddie for any of the goals that went in. Obviously, save percentage isn’t great, if you look at that. We do need some saves,” coach Rod Brind’Amour said.

Before Game 1 against Florida, Andersen had allowed only 12 goals in nine playoff games for a .937 save percentage and a 1.36 goals-against average. But in two games against Florida, Andersen has given up nine goals on 36 shots, a .750 save percentage and a 5.54 GAA.

Defenseman Jaccob Slavin had nothing but praise for Andersen on the morning of Game 3, minutes before Brind’Amour announced the goalie change.

“He’s a stone wall back there. He has been all year, He’s a calm presence, and he’s not going to go out outside of his game to try to do anything crazy. So that gives a huge confidence,” Slavin said.

Kochetkov gave up one goal on five shots faced in Game 2. He saw action in the Hurricanes’ first-round win over the New Jersey Devils after Andersen was injured in a collision with Devils forward Timo Meier, giving up five goals on 50 shots in two Carolina victories.

Overall, Kochetkov has appeared in nine career playoff games with a save percentage of .871 and a 3.52 GAA.

Kochetkov saw the majority of the starts in the regular season for the Hurricanes, going 27-16-3 in 47 starts with a .898 save percentage and a 2.60 GAA.

The change comes as the Hurricanes desperately try to get back into a series in which the Panthers have outscored them 10-2. But there are other lineup considerations for Carolina. Brind’Amour said defensemen Jalen Chatfield and Sean Walker are both game-time decisions. Chatfield has yet to appear in the conference finals with an undisclosed injury. Walker was shaken up in Game 2 on a hit from Florida forward A.J. Greer.

Center Jesperi Kotkaniemi, who was a healthy scratch in Game 2, is expected back in the Hurricanes’ lineup.

Puck drop for Game 3 of the East finals is 8 p.m. ET.

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Panthers’ Reinhart out for Game 3 vs. Hurricanes

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Panthers' Reinhart out for Game 3 vs. Hurricanes

FORT LAUDERDALE, Fla. — Florida Panthers forward Sam Reinhart will miss Game 3 of the Eastern Conference finals with a lower body injury.

The Panthers lead the Carolina Hurricanes 2-0, with the action shifting to Sunrise on Saturday at 8 p.m. ET.

Reinhart was Florida’s leading scorer in the regular season with 81 points in 79 games, including a team-high 39 goals. He is a finalist for the Selke Trophy, awarded to the best defensive forward in the NHL. Reinhart scored 57 goals for the Panthers in 2023-24 to earn an eight-year, $69 million contract extension.

He left the Panthers’ 5-0 win in Game 2 on Thursday after a first-period hit by Hurricanes center Sebastian Aho as Reinhart carried the puck into the offensive zone. Aho appeared to make contact with Reinhart’s left knee. Reinhart’s last shift ended with 2:08 left in the first period.

Reinhart underwent testing Friday and was ruled out by coach Paul Maurice on Saturday. Maurice listed him as day-to-day after the Panthers’ morning skate.

The 29-year-old has 11 points in 14 playoff games, skating on the team’s top line with captain Aleksander Barkov and Evan Rodrigues. Reinhart was second on the Panthers with 10 goals during their Stanley Cup championship run in 2024.

Maurice said Reinhart is “a significant player” out of the lineup, one who contributes to the power play and penalty kill.

Forward Jesper Boqvist will draw into Reinhart’s spot alongside Barkov. The 26-year-old has one goal and one assist in nine playoff games this season but has averaged just 8:52 in ice time.

Florida defenseman Aaron Ekblad said the Panthers have plenty of experience picking up the slack for players who are out of their lineup. Florida had only 12 players who played at least 76 games in the regular season.

“Not necessarily losing Rhino, but up and down the line of losing guys. It’s never easy, but it’s a team effort and has always been there for us. Not replace him, because he’s irreplaceable, but do our best,” Ekblad said.

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U.S. routs Sweden to reach hockey worlds final

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U.S. routs Sweden to reach hockey worlds final

STOCKHOLM — The United States beat Sweden 6-2 to advance to the final of the ice hockey world championship Saturday.

In Sunday’s final, the U.S. will play either Switzerland or Denmark, who meet in the other semifinal later Saturday.

The U.S. jumped to a 2-0 lead with a dominant display in the opening period, outshooting the Swedes 13-3.

Brady Skjei put the Americans ahead 6:52 into the game with a shot from the blue line that went through heavy traffic in front of goaltender Jacob Markstrom.

Cutter Gauthier doubled the advantage with 2:47 remaining, picking up the puck after a shot by Shane Pinto was blocked and directing it into the net between Markstrom’s pads.

Gauthier was born in Skelleftea, Sweden, in 2004 when his father, a goaltender, played for a local team.

Conor Garland added a third with 8:53 to go in the second by knocking in a rebound. Mikey Eyssimont made it 4-0 on a 4-on-2 rush from the right circle.

Samuel Ersson replaced Markstrom in the Swedish net at the start of the final period.

William Nylander scored the first for Sweden 6:32 into the third period, and Elias Lindholm scored another 41 seconds later to give Sweden some hope at 4-2.

But defenseman Jackson LaCombe beat Ersson for the fifth U.S. goal with 8:51 to go, and Shane Pinto finished it off into an empty net to complete a three-point game after assisting on the opening two goals.

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