Jamie Dimon Warns Against Buying Stocks and Long Bonds Now
WHO:
Fortune - Jamie Dimon is the CEO of JPMorgan Chase.
CNBC - Jamie Dimon is the chief executive officer of JPMorgan Chase & Co.
WHAT:
Fortune - Dimon stated, “These are very high debt numbers and very high deficit numbers, and we’re actually doing quite well. Usually you have to have like a great recession or a depression or to have a war, to have numbers like that.”
CNBC - Dimon mentioned that the S&P 500 has returned nearly 10% this year as consumers continue to spend, inflation has moderated, and investors have embraced the artificial intelligence trade.
CNBC - The iShares 0-3 Month Treasury Bond ETF (SGOV) has taken in $47.5 billion in net inflows from investors this year, becoming the third-biggest bond ETF overall, with close to $100 billion in assets.
Fortune - Dimon stated, “I know that the inflation numbers were good yesterday … the thing about numbers, you dig into these numbers, I mean really dig into them, and I wouldn’t give them too much credence.”
Fortune - Dimon mentioned that the U.S. is currently operating at a debt-to-GDP ratio of around 120%, while Europe is at approximately 90%, and the UK is a little over 95%.
CNBC - Dimon indicated that the 10-year Treasury yield is currently about 4.6% and has remained above 4.2% since March.
Fox Business - The most recent consumer price index (CPI) data showed inflation was up 3.5% from a year ago.
Fortune - Dimon stated, “Personally, no,” when asked if he would buy long-dated government bonds at the moment.
Fortune - Dimon mentioned that even if inflation were at 2%, the 10-year bond should probably be at 4.5% to 4%, and the short rate should be 3.25% to 3.5%.
Business Insider - Dimon noted that he generally doesn't buy major stock indexes and hasn't bought individual equities lately, but would consider investments on a name-by-name basis that were truly "great."
Business Insider - Dimon highlighted three risks hanging over markets: hotter inflation, geopolitical risks, and rising deficits.
Business Insider - Dimon stated, “I do think those risks are probably bigger than other people think,” referring to geopolitical tensions and rising deficits.
Business Insider - Dimon warned that higher deficits could bring on hotter price growth and interest rates over time.
Business Insider - Dimon expressed concern that bond market vigilantes could rattle markets as they demand a higher premium to hold onto Treasurys.
Fortune - Dimon stated he would not personally buy long-dated Treasury bills due to potential bond market crisis risks.
Fortune - The U.S. national debt is over $39 trillion.
Fortune - Dimon mentioned that interest payments on the national debt are due at a rate of $24 billion a week.
CNBC - Dimon indicated he would not buy stocks or long-dated U.S. Treasurys at current prices.
CNBC - The S&P 500 has returned nearly 10% this year.
WHERE:
CNBC - Dimon spoke during the 2025 Institute of International Finance annual membership meeting in Washington.
WHEN:
CNBC - The interview with Dimon was released late Monday.
WHY:
Fox Business - Dimon expressed that growing budget deficits by governments around the world pose a fiscal risk during a period of rising defense spending.
Fortune - Dimon believes that the government should address the national debt issue maturely to avoid future problems.
CNBC - Dimon stated that investors are underestimating risks facing the global economy, including geopolitical tensions and rising military spending amid government deficits.
HOW:
CNBC - Investors have been piling into short-term treasuries funds, with SGOV ranking No. 5 among all ETFs in flows for the month of June.
Fox Business - Dimon likened the impact of artificial intelligence (AI) on the market to what happened during the initial internet boom, stating, "Will it in total pay off? Probably, just like the internet did."
Fortune - Dimon discussed the headwinds affecting yields on government bonds, including inflation expectations and government borrowing.
CNBC - Dimon expressed that markets are not fully accounting for a growing list of geopolitical and fiscal threats.
(UPDATED July 22, 2026 05:54 UTC)
Jamie Dimon highlighted that despite very high debt and deficit numbers, the economy is performing surprisingly well, noting that such figures typically arise during significant downturns or conflicts. He also pointed out that the S&P 500 has seen nearly a ten percent return this year, fueled by consumer spending, moderated inflation, and a growing interest in artificial intelligence investments. Additionally, the iShares 0-3 Month Treasury Bond ETF has attracted $47.5 billion in net inflows this year, making it the third-largest bond ETF with nearly $100 billion in assets, as investors increasingly turn to short-term treasury funds.
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(UPDATED July 21, 2026 19:26 UTC)
In a recent statement, JPMorgan Chase CEO Jamie Dimon cautioned against overvaluing the latest inflation numbers, emphasizing the importance of digging deeper into the data. He noted that the U.S. is currently facing a debt-to-GDP ratio of around 120%, significantly higher than Europe’s 90% and the UK’s just over 95%, while also highlighting that the 10-year Treasury yield has been hovering around 4.6% since March. Dimon also compared the potential impact of artificial intelligence on the market to the transformative effects of the internet boom, suggesting that it could ultimately yield positive results.
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(UPDATED July 21, 2026 16:25 UTC)
Jamie Dimon has expressed reluctance to invest in long-dated government bonds, stating, “Personally, no,” when asked about the current market conditions. He believes that even with inflation at 2%, the 10-year bond should be priced between 4.5% and 4%, while the short rate ought to be around 3.25% to 3.5%. Dimon also highlighted significant risks to the markets, including hotter inflation, geopolitical tensions, and rising deficits, warning that these factors could lead to increased price growth and interest rates over time.
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(UPDATED July 21, 2026 13:28 UTC)
Jamie Dimon, the CEO of JPMorgan Chase, recently expressed his concerns about the potential risks in the bond market, stating he would not personally invest in long-dated Treasury bills or stocks at current prices. Speaking at the 2025 Institute of International Finance annual membership meeting in Washington, Dimon highlighted the staggering U.S. national debt of over $39 trillion and the hefty interest payments of $24 billion a week, urging the government to address these issues responsibly. He warned that investors may be underestimating the risks posed by geopolitical tensions and rising military spending, which could impact the global economy.