JPMorgan Chase CEO Dimon warns that US default "may cause catastrophic consequences"

$Bond ETF(BK2730.US)$ $Treasury Yield 30 Years(.TYX.US)$ JPMorgan Chase’s chief executive Dimon told Reuters that he had begun to prepare for the possibility of the United States hitting the debt ceiling, but he expected policymakers to find a solution to avoid this “potentially catastrophic” event. Dimon said in an interview that the largest bank in the United States has already begun to make scenario planning on how a possible US credit default will affect repurchase and currency markets, customer contracts, its capital adequacy ratio, and how rating agencies will react.

Article excerpted from Reuters Financial Morning Post