JPMorgan's Jamie Diamond on the Fed's Rate Cuts

Investors and businesses should plan for interest rates to remain higher for longer than currently expected by the market according to JP Morgan Chase CEO Jamie Diamond. If and when that happens it will undress problems in the economy for those who are exposed to floating rates, he said. "I don't think a lot of people are calling for really imminent rate cuts but it's true I mean the longer rates stay high the more pain is gonna kind of ripple through the system"