Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices

JPMorgan Chase CEO Jamie Dimon said he would not buy stocks or Treasurys at current prices, warning that markets are underpricing geopolitical and economic risks. His comments, delivered at the Institute of International Finance annual membership meeting in Washington on October 16, 2025, stand in sharp contrast to recent market behavior that has largely shrugged off tariff escalations and ongoing conflicts.

Dimon's bearish positioning targets both equities and fixed income, suggesting he sees limited value across traditional asset classes at prevailing levels. The CEO has consistently flagged inflation persistence, fiscal deficits, and geopolitical instability as underappreciated tail risks, though he stopped short of providing specific price targets or timeline forecasts in his remarks.

The warning comes as investors have demonstrated resilience in the face of multiple shocks, maintaining risk appetite despite mounting macro uncertainties. JPMorgan Chase, the largest U.S. bank by assets, holds significant sway over institutional sentiment through its research and trading operations.