JP Morgan chief warns of ‘complacency’ as markets look past credit downgrade

Jamie Dimon says possibility of stagflation far higher than investors realize as markets shake off Moody's triple-A cut

JP Morgan's chief executive, Jamie Dimon, warned on Monday that investors were being too complacent as markets shook off news that the US has lost its last triple-A credit rating amid fresh concern over the federal government's burgeoning debt pile.

Credit ratings agency Moody's dealt a blow to Washington on Friday when it stripped the US of its top-notch rating, downgrading the world's largest economy by one notch to AA1 and become becoming the last of the big three agencies to drop its triple-A rating for the US.