Jamie Dimon warns investors are underestimating global economic risks and states he will not buy stocks or long-dated Treasurys at current prices.

Jamie Dimon, the CEO of JPMorgan Chase, warned that investors are currently underestimating the risks facing the global economy. During a recent interview, Dimon stated that he would not purchase equities or long-dated U.S. Treasurys at their current valuations, noting that markets have not fully accounted for mounting geopolitical and fiscal threats. Dimon highlighted several key concerns, including the wars in Ukraine and the Middle East, rising military spending, and tensions between the U.S. and China. He expressed concern that persistent U.S. budget deficits will eventually force a reckoning, potentially driving interest rates higher as bond vigilantes demand greater compensation for government debt. While acknowledging the global economy has become more resilient due to lower energy dependence, Dimon cautioned that a sudden tipping point remains possible. He also offered a measured view on the artificial intelligence boom, comparing the current spending frenzy to the early days of the internet. Despite JPMorgan Chase reporting record quarterly profits, Dimon remains cautious, suggesting that while the current run is strong, it may not last forever.

Sources