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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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Entertainment

Boy George on the price of fame – and his rocky relationship with Madonna

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Boy George on the price of fame – and his rocky relationship with Madonna

Boy George is contemplating his relationship with fame. Intoxicating, often inescapable, he says he has not always found his decades in the spotlight easy

There has been a cost, he says. Much has been well documented. But in recent years he has been able to enjoy it all much more.

And it’s not real. “Fame is a figment of other people’s imaginations. You’re only famous because other people believe you are.”

Boy George is touring with Culture Club again
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Boy George has created a new art collection, titled Fame

Most will know Boy George the avant garde musician, flamboyant frontman of Culture Club, one of the biggest music acts of the 1980s. Big hats, big songs, big personality. He has found new fans more recently through appearances on reality shows such as I’m A Celebrity… Get Me Out Of Here! and as a judge on The Voice.

He is also an artist, and fame is the theme of his latest collection of portraits.

Vivid, bold, punk, they are exactly as you might expect. He has painted his hero David Bowie, fellow music icons Madonna and Prince, as well as a self-portrait.

Boy George has created a new art collection, titled Fame, featuring David Bowie, Madonna and Prince, as well as a self-portrait. Pic: Dave Parry/ PA
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The collection features images of David Bowie, Madonna and Prince, as well as a self-portrait. Pic: Dave Parry/ PA/ Castle Fine Art

“I think of Boy George from the ’80s as a sort of cartoon character,” he says. “Because on the one hand, there was this public persona, which was one thing, and it was very recognisable. And then there was me behind it… I used to have a real problem with [fame] and I feel now I’m like, it’s just a job.”

The portrait of his younger self is a reminder of how his relationship with fame has changed.

“I never really took it that seriously,” he says. “There were moments when I lost my mind – we all know what they were. But I always kind of knew who I was.”

‘I was really lucky to have my family’

Culture Club on stage performing in 1982. Pic: Ron Wolfson/ Rock Negatives/ MediaPunch Boy George/ IPX/ AP
Image:
Culture Club on stage performing in 1982. Pic: Ron Wolfson/ Rock Negatives/ MediaPunch Boy George/ IPX/ AP


The star, whose real name is George O’Dowd, has spoken and written about his struggles with addiction in the past. In 2009, he was jailed for four months for false imprisonment.

In his last autobiography, he described it as a “stupid, aggressive and regrettable” incident that was over in “less than 30 seconds”. He disputes some of the details that came out in court, but called himself an “idiot who did too many drugs and made a massive mistake”.

George says his family helped him through the dark times. Despite there being more conversation than ever around mental health and the pressures on young stars today, he is not convinced the support is any better.

“I think in my case, I was really lucky to have my family… particularly my late mother. Whatever was going on, she was always there to kind of try and harness me into reality. And sometimes it took a bit of pulling and shoving, but I feel like my family have been so important to me in terms of, you know, keeping me sane. But it hasn’t always been an easy thing.”

The "Tokyo Pop" body suit with replica shoes, designed by Kansai Yamamoto from the "Aladdin Sane" tour are on display during the media preview of the "David Bowie is" exhibit at the Brooklyn Museum, Wednesday, Feb. 28, 2018, in New York. The exhibit opens to the public on March 2 and runs through July 15. (AP Photo/Mary Altaffer)
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The Bowie portrait features the star in his famous Tokyo Pop body suit from the Aladdin Sane tour, designed by Kansai Yamamoto, pictured here during an exhibit at the Brooklyn Museum in 2018. Pic: Mary Altaffer/ AP

Now in his 60s, as well as Boy George, he is plain old “George from Eltham”, southeast London; although plain is not really an adjective you would ascribe to him.

“As I’ve got older, I’ve kind of accepted I created this Boy George person, and I can either have as much fun with it as I can, or I can make it full of anxiety,” he says.

For his Fame collection, he chose Bowie because the artist “shaped my whole career, my whole childhood”. His relationship with Madonna, whom he has captured in her Madame X era from 2019 rather than one of her more famous earlier incarnations, “because artists continue to evolve”, is more complex.

They first met after he saw her in concert in New York, with fellow ’80s star Marilyn and two friends. They went backstage and he asked for a picture.

‘There’s never been warmth… on either side’

Madonna opens her first concert "Virgin Tour" at the Paramount Theater in Seattle, Washington, April 11, 1985. (AP Photo/NewsBase)
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George first met Madonna during her The Virgin tour in the mid-1980s. Pic: AP/ NewsBase

“She grabbed the boys and just sat them on her lap, which is kind of major,” he says. “She took control immediately. And I’ve got this great picture of Madonna and this guy that I kind of lost contact with.”

But he and the Queen of Pop never became friends. “Over the years we sort of met each other, but there’s never been any kind of warmth necessarily on either side,” he says. “But I am a fan… with me, if I like the music, I don’t necessarily have to be best friends with the person… I can like things without being petty.”

It was perhaps part and parcel of fame in the 1980s, he says.

“When you’re young, everything’s a competition. As you get older, you get a bit more confident about who you are and more secure and therefore you’re able to enjoy things without feeling threatened. So I think in the ’80s, all of us were in competition with each other… nowadays I’m kind of able to enjoy a lot of bands that I hissed at in the past, you know.”

Boy George is touring with Culture Club again
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Culture Club are touring later in the year, along with Tony Hadley and Heaven 17

Earlier this year, George made his Broadway debut, performing in Moulin Rouge. Now, he is getting ready for gigs with Culture Club again, alongside Tony Hadley and Heaven 17.

They will play their first two albums, Kissing To Be Clever and Colour By Numbers, in full. “[It’s] one of the reasons I agreed to this tour,” he says. “I knew we wouldn’t argue about what we were playing.”

There is also a biopic in the works. George has long said he would like Game Of Thrones star Sophie Turner to play him and the campaign continues, he says. “In this day and age, why can’t have a woman playing a man? Why not break the rules? It’s kind of what I was doing 30, 40 years ago.”

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And he is still releasing solo music. His latest track, Let The Flowers Grow, is a collaboration with Bauhaus’ Peter Murphy.

“A lot of stuff I release, no one really hears of it unless they’re like a mad hardcore fan,” he says. “I’ve released 54 tracks in the last year, probably more than any other artist. And I will continue to keep putting stuff out and being creative because it feels like breathing, you know, it feels really enjoyable and I feel lucky that I get to do the thing I love.”

He takes a beat. “I mean that. I really enjoy it now in a way that I just didn’t know how to 10 years ago, 20 years ago, because I was so busy worrying about what other people thought about this, that and the other.

“Now I’m like, I want to tell people how I feel more. I mean, I’ve always done that, but I feel like, when you start to understand yourself more and realise what makes you actually happy, then you are able to express yourself in a better way.”

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Politics

Sir Keir Starmer vows to defend budget decisions ‘all day long’ as farmers slam ‘disrespectful’ PM

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Sir Keir Starmer vows to defend budget decisions 'all day long' as farmers slam 'disrespectful' PM

Sir Keir Starmer has said he will defend the decisions made in the budget “all day long” amid anger from farmers over inheritance tax changes.

Chancellor Rachel Reeves announced last month in her key speech that from April 2026, farms worth more than £1m will face an inheritance tax rate of 20%, rather than the standard 40% applied to other land and property.

The announcement has sparked anger among farmers who argue this will mean higher food prices, lower food production and having to sell off land to pay for the tax.

Sir Keir Starmer

Sir Keir defended the budget as he gave his first speech as prime minister at the Welsh Labour conference in Llandudno, North Wales, where farmers have been holding a tractor protest outside.

Sir Keir admitted: “We’ve taken some extremely tough decisions on tax.”

He said: “I will defend facing up to the harsh light of fiscal reality. I will defend the tough decisions that were necessary to stabilise our economy.

“And I will defend protecting the payslips of working people, fixing the foundations of our economy, and investing in the future of Britain and the future of Wales. Finally, turning the page on austerity once and for all.”

He also said the budget allocation for Wales was a “record figure” – some £21bn for next year – an extra £1.7bn through the Barnett Formula, as he hailed a “path of change” with Labour governments in Wales and Westminster.

And he confirmed a £160m investment zone in Wrexham and Flintshire will be going live in 2025.

‘PM should have addressed the protesters’

Among the hundreds of farmers demonstrating was Gareth Wyn Jones, who told Sky News it was “disrespectful” that the prime minister did not mention farmers in his speech.

He said “so many people have come here to air their frustrations. He (Starmer) had an opportunity to address the crowd. Even if he was booed he should have been man enough to come out and talk to the people”.

He said farmers planned to deliver Sir Keir a letter which begins with “‘don’t bite the hand that feeds you”.

Farmers' tractor protest outside the Welsh Labour conference in Llandudno, North Wales
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Farmers’ tractor protest outside the Welsh Labour conference in Llandudno, North Wales

Mr Wyn Jones told Sky News the government was “destroying” an industry that was already struggling.

“They’re destroying an industry that’s already on its knees and struggling, absolutely struggling, mentally, emotionally and physically. We need government support not more hindrance so we can produce food to feed the nation.”

He said inheritance tax changes will result in farmers increasing the price of food: “The poorer people in society aren’t going to be able to afford good, healthy, nutritious British food, so we have to push this to government for them to understand that enough is enough, the farmers can’t take any more of what they’re throwing at us.”

Mr Wyn Jones disputed the government’s estimation that only 500 farming estates in the UK will be affected by the inheritance tax changes.

“Look, a lot of farmers in this country are in their 70s and 80s, they haven’t handed their farms down because that’s the way it’s always been, they’ve always known there was never going to be inheritance tax.”

On Friday, Sir Keir addressed farmers’ concerns, saying: “I know some farmers are anxious about the inheritance tax rules that we brought in two weeks ago.

“What I would say about that is, once you add the £1m for the farmland to the £1m that is exempt for your spouse, for most couples with a farm wanting to hand on to their children, it’s £3m before anybody pays a penny in inheritance tax.”

Read more:
Ex-Labour adviser suggests doing to farms ‘what Thatcher did to coal mines’
Farmers ‘could block ports and disrupt food supply’

Welsh farmer Gareth Wyn Jones
Image:
Welsh farmer Gareth Wyn Jones

Ministers said the move will not affect small farms and is aimed at targeting wealthy landowners who buy up farmland to avoid paying inheritance tax.

But analysis this week said a typical family farm would have to put 159% of annual profits into paying the new inheritance tax every year for a decade and could have to sell 20% of their land.

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The Country and Land Business Association (CLA), which represents owners of rural land, property and businesses in England and Wales, found a typical 200-acre farm owned by one person with an expected profit of £27,300 would face a £435,000 inheritance tax bill.

The plan says families can spread the inheritance tax payments over 10 years, but the CLA found this would require an average farm to allocate 159% of its profits each year for a decade.

To pay that, successors could be forced to sell 20% of their land, the analysis found.

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Environment

China’s 3GW Gobi Desert solar farm can power 2 million households

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China's 3GW Gobi Desert solar farm can power 2 million households

China just connected its largest single-capacity solar farm built on a former coal mining area, which is in the Gobi Desert, to the grid.

The Mengxi Blue Ocean Photovoltaic Power Station, located in Otog Front Banner, Ordos, Inner Mongolia, came online on November 5. With a massive installed capacity of 3 gigawatts (GW) and over 5.9 million solar panels, the plant will generate around 5.7 billion kilowatt-hours of electricity annually – enough to power 2 million households.

This huge project will save about 1.71 million tons of standard coal each year and cut carbon dioxide emissions by roughly 4.7 million tons, which is equivalent to planting 62,700 hectares (around 155,000 acres) of trees.

Built on coal mining subsidence land, Mengxi Blue Ocean is part of China’s national West-East Electricity Transfer Project, which brings investment and development to western China west while supplying the growing need for electricity in the eastern provinces.

The solar farm includes the country’s first large-scale outdoor solar testing base in the Gobi Desert climate, demonstrating the potential for large solar installations in challenging environments.

The power station makes use of new rare earth alloy grounding materials, cutting costs by 40%. It also replaces traditional concrete foundations with steel to minimize impact on the local grassland ecosystem.

Chuang Xihong, deputy director of the Engineering Construction Department of Guodian Power Group, CHN Energy’s parent company, explained that Mengxi Blue Ocean is an agrivoltaic project as well [via PV Tech]:

Fine forage and sand-fixing plants are planted under the PV modules, providing grazing for Australian White Sheep and chickens. A composite ecological development model will be established where PV power generation and breeding will go hand in hand.

Read more: China powers up the world’s largest open-sea offshore solar farm


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