Jamie Dimon, chief executive of JPMorgan Chase, the largest US bank by assets, has spoken out again about the risks threatening the global economy. Those risks, in his view, are being underestimated by investors, because they are «bigger than people think».

Dimon pointed to the wars in the Middle East and Ukraine, but also to tensions between the United States and China, which are pushing governments around the world to spend more on defense and, as a result, to run higher deficits.

In an interview with CNBC journalist Wilfred Frost, the banker argued in essence that markets are not fully pricing in the lengthening list of geopolitical and fiscal dangers.

Dimon, by contrast, is factoring them in — to the point of saying that at current price levels he would buy neither equities nor long-dated Treasuries.

But how far are investors underestimating the risk of a major shock? Dimon said it is hard to answer that question precisely, noting that «it is possible that something is priced in, but what is not priced in is what actually happens».

Speaking on The Master Investor Podcast, Dimon acknowledged that the global economy is more resilient today than in the past, above all because it is no longer as dependent on traditional energy sources as it was in previous decades.

Why the deficit worries him more than the wars

Among the JPMorgan CEO’s sources of anxiety, however, are US deficit levels, which he believes will force the country to face reality at a moment when — because of possible further interest rate increases — Washington will have to issue debt at higher rates. «In my view it is going to become a problem», Dimon said, forecasting a rise in yields as so-called bond vigilantes (investors who push borrowing costs up to discipline governments they see as fiscally reckless) demand higher compensation for financing America’s growing public debt.

Asked, accordingly, whether he would buy long-dated US Treasuries today, Dimon was blunt: «No, personally».

He explained that even if US inflation were to return to the Federal Reserve’s 2% target, yields on 10-year Treasuries should settle between 4% and 4.5%, leaving little room for government bond prices to appreciate.

The same cautious stance emerged on equities. While saying he would consider buying an individual stock if it represented «a great investment», Dimon made clear he would not take a position on the stock market as a whole at current valuation levels.

On AI, a comparison with the early internet

On artificial intelligence, the JPMorgan CEO compared the current wave of investment to the early years of the internet’s spread.

«The amount of money being invested is enormous. Will it pay off overall? Probably yes, just as happened with the internet».

The warning, though, was not far behind: the banker recalled the brutal selection the market imposed back then, which ended up wiping out many of the internet boom’s early protagonists, such as Yahoo and Netscape, while the real winners — Google and Facebook — emerged only later.

Still on AI, Dimon added: «Will it deliver the results people expect, on the timeline people expect? Certainly not».

Editor’s note

This article was originally published in Italian on money.it by Laura Naka Antonelli on July 21, 2026 as «JPMorgan, Dimon spiega perché non comprerebbe azioni o Titoli di Stato USA». It has been translated and adapted for an international audience by the Money.it International desk.