September 18, 2019 / 3:44 PM / a month ago

JPMorgan's Dimon says Federal Reserve did 'right thing' in supporting repo market

WASHINGTON, Sept 18 (Reuters) - Jamie Dimon, Chief Executive of JPMorgan Chase & Co., said Wednesday the U.S. Federal Reserve did the “right thing” in injecting funds to support overnight funding needs for banks.

Dimon, who was speaking to reporters in Washington, said he did not believe recent issues in the U.S. repurchase agreement market were immediately worrying, but suggested underlying issues that should be addressed.

“It’s not a big deal given that it happened in good times. If we don’t fix the underlying problem, it will hurt the economy in bad times,” he said.

Dimon said that banks have a “tremendous amount” of liquidity, but are constrained in how they can use it when rates consistently fluctuate. (Reporting by Katanga Johnson, Editing by Franklin Paul)

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