J.P. Morgan Chase & Co. Chairman and Chief Executive Officer James Dimon said he favors increasing interest rates "sooner rather than later," saying the economy can handle a modest increase.
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"A 25-basis-point increase is a drop in the bucket," he said Monday, speaking at the Economic Club of Washington, D.C. "Let's just raise rates. You don't want to be behind the eight ball on this one, and I think it's time to raise rates."
The comments come as the interest-rate-setting Federal Open Market Committee is set to meet next week.
By Andrew Ackerman