that no American depositor would lose their money in a US bank failure within the next year. He issued an open invite for someone to match his bet, and said the combined $2 million at stake would be donated to a charity of the winner's choice.
"You don't need to turn a dumb decision by managers into panicking the whole citizenry of the United States about something they don't need to be panicked about," Buffett added. Yet Dimon still advised taking precautions against the Federal Reserve hiking rates higher as it seeks to rein in historic inflation. The US central bank has lifted rates from nearly zero to upward of 4.75% over the past year or so. Higher rates can curb the pace of price increases by making borrowing more expensive and encouraging saving over spending, but they can also sap demand and pull down asset prices, increasing the risk of a recession.
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