"This has taken rate cuts off the table IMO but has put potential rate hikes on the table. Good luck all."

Yep! Oh well, as they say - the market giveth and the market taketh away.

Jamie Dimon: Bank boss warns US interest rates could rise to 8%

Jamie Dimon, the head of JPMorgan Chase, said his bank has prepared for interest rates to jump because of "persistent inflationary pressures".

In his annual letter to shareholders, Mr Dimon said that the bank was ready for 8% or even higher potentially - pushed up because of high government spending.

"All of the following factors appear to be inflationary: ongoing fiscal spending, remilitarization of the world, restructuring of global trade, capital needs of the new green economy, and possibly higher energy costs," Mr Dimon wrote in this year's letter.

(See here.)