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JPMorgan's Jamie Dimon, bank executives testify to Congress on inflation outlook

Yahoo Finance Live anchor Dave Briggs breaks down the congressional testimonies of big bank CEOs made earlier this week about inflation.

Video transcript

DAVE BRIGGS: We turn now to the big banks in focus, specifically the heads of the seven biggest US banks, including JPMorgan Chase CEO Jamie Dimon and Citigroup's Jane Fraser, on Capitol Hill for a second day of grilling. Today testifying before the Senate Committee on Banking, Housing, and Urban Affairs. Republicans pressing the CEOs on ESG investments, and of course, the state of the economy. Dimon asked about where inflation, currently at a 40-year high, is headed in the months to come.

JAMIE DIMON: Future, not that far away, you have QT, rising rates, more inflation, war in Ukraine, which is deteriorating, oil prices, which I still think are kind of precarious, and yeah, those things have the potential to put the country and the world into a recession, which will obviously help inflation, but is not the preferred way to get there. So the worst outcome is stagflation. So concrete inflation is a very important thing to do.

DAVE BRIGGS: Senator Elizabeth Warren, meanwhile, at a passionate back and forth with diamond about fraudulent Zelle transactions, prompting Dimon to quote, "deeply apologize" for not giving the numbers the senator asked for.

Now, Pat Toomey, in his opening statement, saying, quote, "I can't help but observe that when banks do weigh in on highly charged social and political issues, they seem to always come down on the liberal side." It's interesting to see these CEOs a bit antagonistic against the Republicans. Toomey also very critical of E and G investments, saying they harm America.