Wholesale prices fell 1 percent in May from April thanks to an 8.9 percent plunge in the price of gasoline, the Bureau of Labor Statistics reports. The overall decrease is the largest in one month since July 2009.
Excluding the energy and sectors, prices at the wholesale level ticked up 0.2 percent.
"This portfolio morphed into something that, rather than protect the firm, created new and potentially larger risks. As a result, we have let a lot of people down, and we are sorry for it."
That's part of JPMorgan Chase President and CEO Jamie Dimon will tell the Senate's Committee on Banking, Housing and Urban Affairs tomorrow, when it looks into the botched trades that lost the bank $2 billion. Chase released Dimon's prepared remarks this afternoon.