JPMorgan CEO Jamie Dimon Warns Against Buying Stocks and Treasurys at Current Levels
JPMorgan Chase CEO Jamie Dimon, in a CNBC interview, expressed strong caution about the current stock market and long-dated U.S. Treasury bonds, despite JPMorgan reporting its most profitable quarter ever ($21.2 billion net income). Dimon stated he would 'absolutely not' buy the broad stock market at current valuations, warning that investors are underestimating risks including wars in Ukraine and the Middle East, trade friction, political instability, and rising government deficits. He drew a direct parallel between the current AI spending boom and the late 1990s internet bubble, suggesting that while AI may eventually pay off, the timeline and benefiting companies will likely differ from current expectations. Regarding Treasurys, Dimon argued that even with 2% inflation, the 10-year yield should be 4-4.5%, leaving little room for price appreciation, and warned that 'bond vigilantes' will demand higher yields due to growing government debt. The article notes that the S&P 500 is up nearly 10% in 2026, but Dimon's caution stands in stark contrast to the prevailing market optimism.
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