JPMorgan Chase CEO Jamie Dimon said on Thursday he thought the financial market was underestimating the possibility of U.S. interest rates climbing higher, a prospect he described as a "cause for concern".

The Fed report suggests that a higher prime rate is causing, at least in part, growth in card interest rates. The prime rate remained stable at 7.5% throughout the first quarter. But it is still much higher than it was during the beginning of the 2020s, when it wasn’t uncommon to see the benchmark rate fall between 3.25% and 5.5%.

New research from the Federal Reserve suggests a growing chance that interest rates could return to zero by 2032. This potential shift in monetary policy could have profound implications for the U.S.

The prospect of the Federal Reserve once again setting its short-term interest rate target at near zero levels at some point in coming years remains real despite current relatively high levels of short-term borrowing costs,

That’s because there’s no consistent pattern to how the stock market reacts to Fed rate cuts. Sometimes the market will rally in the wake of a cut and sometimes not. Its response is no different than the stock market’s long-term average.

Minutes from the Fed’s June policy meeting tease at a looming split over whether and when officials will resume rate cuts.

Fannie Mae now expects rates around 6.5% by the end of 2025 and 6.1% by the end of 2026.

The U.S. economy added 147,000 jobs in June, beating analyst expectations, the Bureau of Labor Statistics reported.