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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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YouTuber Jake Paul beats Mike Tyson as boos heard during controversial fight

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YouTuber Jake Paul beats Mike Tyson as boos heard during controversial fight

YouTuber-turned-boxer Jake Paul has defeated one of the greatest-ever fighters, former heavyweight world champion Mike Tyson, who is more than twice his age.

Paul, 27, won the bout via a unanimous points decision at the AT&T Stadium in Arlington, Texas – home of the Dallas Cowboys and the biggest NFL stadium in the US.

The fight was already controversial but then arguably failed to live up to the hype. Boos were heard from the crowd in the final two rounds, after a perceived lack of action.

Afterwards, the pair heaped praise on each other. Paul said: “This man is an icon and it’s just an honour to be able to fight him. And he’s obviously the toughest, baddest man on the planet.”

Tyson, 58, described Paul as a “good fighter” but dismissed the suggestion he was out to prove something.

“I didn’t prove nothing to anybody, only to myself,” he said.

Jake Paul lands a left to Mike Tyson during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
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Jake Paul defeated Mike Tyson on points. Pic: AP

Boxing careers compared

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This was not Paul’s first professional fight. The American YouTube star made his debut in 2020, and his most high-profile clash was last year against Tyson Fury’s brother Tommy Fury, which he lost by a split decision.

The so-called “Problem Child” has since defeated former UFC contender Nate Diaz, professional boxer Andre August, former Gold Gloves champion Ryan Bourland and most recently MMA fighter Mike Perry.

In contrast, “Iron Mike” Tyson was ranked among the best heavyweight boxers of all time.

During his career, he knocked out 44 opponents – retiring from professional boxing in 2005 after defeat against Kevin McBride.

He returned to the ring in 2020 for a bout against fellow boxing icon Roy Jones, which ended in an unofficial draw.

Mike Tyson, left, fights Jake Paul during their heavyweight boxing match, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
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Mike Tyson struggled at times against Jake Paul, 31 years his junior. Pic: AP

‘Someone’s getting put to sleep’

Earlier this week, Paul said he believed the bout would not go the distance. “No, someone’s getting put to sleep,” he said. “It’s going to be a war, and we’re both heavy hitters. It’s not going the full 16 minutes.”

Tyson said: “I’ve been through so many ups and downs since my last fight with Kevin McBride.

“I’ve been in rehab. I’ve been in prison, been locked up. Never in a million years did I believe I’d be doing this.”

Several states would not allow the bout to go ahead, and the Texas Athletic Commission only agreed to the fight if there were changes, due to Tyson’s age.

It limited the contest to eight rounds lasting a maximum of two minutes instead of three. Both boxers were also required to wear heavier gloves, designed to lessen the force of punches.

The fight was initially scheduled for 20 July, but was postponed when Tyson suffered an ulcer flareup.

Taylor defends title

Katie Taylor, center, celebrates after defeating Amanda Serrano during their undisputed super lightweight title bout, Friday, Nov. 15, 2024, in Arlington, Texas. (AP Photo/Julio Cortez)
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Katie Taylor celebrates after defeating Amanda Serrano in Texas. Pic: AP

Meanwhile, among the undercard fights, Irish boxer Katie Taylor successfully defended her super lightweight world title against Puerto Rico’s Amanda Serrano.

But it was tight. Taylor claimed the rematch 95-94 for all three judges in an epic battle.

The bout came two and a half years after the pair fought at Madison Square Garden, which Taylor won on a split decision.

Bout suffered from buffering

Earlier in the evening thousands of Netflix users in the US reported problems with the coverage, with some posting on social media about buffering.

At one point, more than 98,000 people had reported issues according to Downdetector, which tracks outages.

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Matt Gaetz: Speaker Mike Johnson will request report into Trump’s attorney general pick is kept secret

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Matt Gaetz: Speaker Mike Johnson will request report into Trump's attorney general pick is kept secret

US House Speaker Mike Johnson has said he will “strongly request” a report into allegations of sex trafficking against Matt Gaetz, who is the president-elect’s choice of attorney general, should not be released.

Mr Johnson said he was against publishing the House Ethics Committee report on Mr Gaetz, 42, who if approved by the Senate will become the nation’s top prosecutor once Donald Trump is sworn in as president on 20 January.

That’s despite Mr Gaetz having previously faced a nearly three-year Justice Department investigation into sex trafficking allegations involving a 17-year-old girl. He denies the allegations and has not faced criminal charges.

Mr Gaetz has also never worked as a prosecutor and has only worked in law for a few years at a local level.

He stepped down from Congress after Mr Trump announced him as his attorney general pick.

His resignation brought the investigation by the House Ethics Committee to an end – two days before it had been expected to release its report into the trafficking claims.

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Why is Matt Gaetz a controversial pick?

House Speaker Mr Johnson, a Louisiana Republican, said of the probe: “I’m going to strongly request that the Ethics Committee not issue the report, because that is not the way we do things in the House.”

Politicians of both parties on the Senate Judiciary Committee have said they want to see the report on Mr Gaetz, as part of a Senate confirmation process for cabinet nominees that would start next year with public hearings.

Democrats have described the MAGA loyalist as “a gonzo agent of chaos” and his appointment a “red alert moment for our democracy”, while some Republican senators have also raised doubts about his suitability for the role.

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Mr Johnson said he planned to urge House Ethics Committee chairman Michael Guest not to provide the report to the Senate Judiciary Committee.

“The rules of the House have always been that a former member is beyond the jurisdiction of the Ethics Committee,” said Mr Johnson, who returned on Friday morning from meeting Mr Trump at the president-elect’s Mar-a-Lago resort in Florida.

“I think it’s a terrible breach of protocol and tradition and the spirit of the rule,” he added. “I think that would be a terrible precedent to set.”

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Mr Johnson had said on Wednesday that as Speaker he could not be involved in deciding whether or not to release the report.

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Malcolm X family brings $100m lawsuit against FBI, CIA and NYPD over ‘conspiracy to assassinate’ civil rights leader

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Malcolm X family brings 0m lawsuit against FBI, CIA and NYPD over 'conspiracy to assassinate' civil rights leader

A $100m (£79m) lawsuit has been brought against the CIA, FBI and New York Police Department (NYPD) who are accused of being involved in the 1965 assassination of civil rights leader Malcolm X.

The case, which has been filed in a federal court in Manhattan, New York, alleges that the agencies were aware of the assassination, they were involved in the plot and failed to stop the killing.

The legal action has been brought by Malcolm X’s three daughters along with his estate.

The NYPD and CIA have not yet responded to the claims while the FBI said it was “standard practice” not to comment on litigation.

Nicholas Biase, a spokesperson for the US Department of Justice, which is also included in the lawsuit, declined to respond.

Attorney Ben Crump and legal team speak alongside daughter of the late killed civil rights leader Malcolm X, Ilyasah Shabazz, during a news conference to announce a lawsuit against government agencies and the New York City Police Department (NYPD) for the alleged assassination and concealment of evidence surrounding Malcolm X’s murder in New York City, U.S., November, 15, 2024. REUTERS/Shannon Stapleton
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Attorney Ben Crump with Malcolm X’s family on Friday. Pic: Reuters

Malcolm X was 39 when he was shot dead on 21 February 1965 on stage by three gunmen as he prepared to speak at the Audubon Ballroom in Manhattan.

At a news conference in New York on Friday, to announce the details of the lawsuit, attorney Benjamin Crump said: “The government fingerprints are all over the assassination of Malcolm X.

“We believe we have the evidence to prove it.”

For decades, questions have arisen over who was behind his murder.

Malcolm X rose to prominence as the national spokesman of the Nation of Islam, an African-American Muslim group which supported black separatism.

He broke away from the group in 1964 and moderated some of his earlier views on racial separation, which angered Nation of Islam members and resulted in death threats.

Three men were convicted of his murder but two of them were cleared in 2021 after investigators took a fresh look at the case. They concluded some evidence was shaky and authorities had held back some information.

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Malcolm X’s family speaking in February 2023 when the plans for the lawsuit were initially announced

In the lawsuit, which began its process in 2023, it is alleged the NYPD coordinated with federal law enforcement agencies to arrest the activist’s security guards days before the assassination.

It also claims police were intentionally removed from inside the ballroom where Malcolm X was killed and that federal agencies had personnel, including undercover agents, at the site but failed to protect him.

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The lawsuit goes on to allege a “corrupt, unlawful, and unconstitutional” relationship between law enforcement and “ruthless killers… which was actively concealed, condoned, protected, and facilitated by government agents”.

Referring to Malcolm X’s family, the lawsuit states: “They did not know who murdered Malcolm X, why he was murdered, the level of NYPD, FBI and CIA orchestration, the identity of the governmental agents who conspired to ensure his demise, or who fraudulently covered up their role.”

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