JPMorgan CEO Jamie Dimon expressed concerns about record U.S. deficits, tariffs, and international tensions on Monday, warning that markets are too complacent. He believes stock market values don’t accurately reflect the risks of higher inflation and stagflation.
Dimon notes that the U.S. has huge deficits and that central banks may struggle to manage them. He also points out that despite recent trade policies, tariffs haven’t had a significant impact on the market, leading to excessive complacency.
Moody’s rating agency downgraded the U.S. credit rating last week due to growing debt concerns. Dimon expects S&P 500 earnings growth to collapse, with estimates declining from around 12% at the start of the year to 0% in six months. This could lead to a decline in stock prices.
Dimon also discussed his timeline for handing over the CEO reins, saying he will likely remain as chairman for less than five more years. Consumer banking chief Marianne Lake had the longest speaking time, and some analysts consider her a top successor candidate.
Source: https://www.cnbc.com/2025/05/19/trump-tariffs-jpmorgan-chase-ceo-jamie-dimon.html