JPMorgan's Dimon says Fed may hike above 5%, Reuters reports

JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said the Federal Reserve may need to lift its benchmark interest rate above 5%, Reuters reported, after a slew of central bank officials stressed the need to keep hiking.

His comments come as traders ramp up bets that the US central bank will remain hawkish in the coming months. Swap rates now see the peak of the Fed’s tightening cycle at around 5.15% — that’s about a quarter point higher than was priced in last week.