The US and its economy are being hampered by an "institutional sclerosis" that prevents policymakers and the private sector from dealing with the "very serious issues" they face, JP Morgan Chase & Co. chairman and chief executive James Dimon said yesterday.

"We're not getting to them," Dimon said of issues such as high energy prices and other economic imbalances. "You can't run a trade deficit for eight years and not think you're going to have a weak dollar."