JPMorgan’s head has issued an alert that the distress induced by the interest rate hikes may not have reached its peak yet, notwithstanding the Fed’s most recent decision to keep the rate at 5.5 percent.

The central bank had executed 11 rate hikes in succession in an effort to bring down the economic expansion fueled by low-cost capital throughout the COVID-19 crisis.

While the Fed has indicated that inflation has not been completely expunged yet, meaning further rate increases could be forthcoming, the possibility of an upcoming recession has unnerved the financial markets.

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