UPDATE 1-JPMorgan’s Dimon urges US Fed to wait past June before cutting rates

(Recasts to add Dimon comments on rates)

SYDNEY, March 12 (Reuters) – JPMorgan Chase CEO Jamie Dimon on Tuesday urged the Federal Reserve to wait past June before cutting interest rates, arguing the central bank needs to shore up its inflation-fighting credibility.

“I think they have to be data-dependent. If I were them, I would wait,” Dimon said at the Australian Financial Review business summit via a livestream from New York.

“You can always cut it quickly and dramatically. Their credibility is a little bit at stake here. I would even wait past June and let it all sort it out.”

Dimon said the U.S. economy was doing well and that it was in a boom phase, though he was seeing a “little bit” of a bubble in equity markets right now. (Reporting by Stella Qiu and Lewis Jackson in Sydney; Editing by Chris Reese and Sandra Maler)

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