JPMorgan CEO Dimon says he won’t buy stocks or Treasuries

JPMorgan Chase CEO Jamie Dimon issued a stark warning on Monday that investors are underestimating significant geopolitical and fiscal risks, stating he would not buy stocks or long-term U.S. Treasury bonds at current prices. The comments came in a recorded interview released on July 21, 2026, in which Dimon argued that markets have not fully priced in the potential for turmoil stemming from ongoing global conflicts and rising government debt.

Dimon specifically cited the wars in Ukraine and the Middle East, tensions between the U.S. and China, and increased global military spending coinciding with expanding budget deficits. He characterized these combined threats as "probably bigger than other people think," suggesting they could disrupt both equity and debt markets. On government bonds, Dimon expressed a particularly bearish view, stating he sees little upside in owning long-dated Treasuries. He argued that even if inflation returned to the Federal Reserve's 2% target, the yield on the 10-year Treasury note should reasonably sit between 4% and 4.5%, a level it is already approaching. The 10-year yield was recently around 4.6%.

His caution extended to the stock market, where he...