Jamie Dimon, president, CEO, chairman and CEO of JPMorgan Chase, speaks on CNBC's Squawk Box at the World Economic Forum's annual meeting in Davos, Switzerland, on January 17, 2024.
Adam Galese | CNBC
JPMorgan Chase CEO Jamie Damon On Wednesday, he described the U.S. stock market as inflated and said he felt more cautious than others in the business world because of risks from deficit spending, inflation and geopolitical turmoil.
“Asset prices are kind of inflated, by any measure. They're in the top 10% or 15%” of historical valuations, Dimon told CNBC's Andrew Ross Sorkin. World Economic Forum In Davos, Switzerland.
Dimon said he was specifically talking about the US stock market, which has been in a bull run for several years. The S&P 500 posted back-to-back annual gains of more than 20% in 2023 and 2024, the first time that has happened in 25 years. Last year, Dimon even called up his shares Private company beloved.
But Dimon also noted that parts of the bond market, such as sovereign debt, are at “all-time highs.”
“Yes, they are high, and you need fairly good results to justify those prices,” Dimon said. “Having growth-supportive strategies helps achieve this, but there are downsides, and they could surprise you.”
Dimon, 68, is one of the most respected voices in finance after turning JP Morgan into the largest U.S. bank by many metrics, including assets and market valuation.
He sounded a note of caution from 2022 when he said “tornado“It was heading towards the US economy. But that storm has not arrived yet, as the US has exceeded expectations in recent years, and the election of Donald Trump in November raised hopes about what a pro-growth administration will do.”
“I'm a little more cautious on a range of topics,” Dimon said on Wednesday. “What I'm a little wary of is deficit spending; it's a global issue, not just an American issue.” “The related question is, will inflation go away?” I'm not sure about that.”
The rising tide of global conflict, including the war in Ukraine, tension in the Middle East and growing threats from China, “has me deeply concerned about how this will impact our world over the next 100 years,” Damon said.
In the wide-ranging interview, Damon expressed his support for Definitions On imports to the United States if they enhance national security, he said he and a technology entrepreneur Elon Musk It has eased into a previously contentious relationship. Dimon also said he does not intend to run for president in 2028.
