JPMorgan Chase CEO Jamie Dimon reiterated concerns about the growing U.S. national debt, calling it a “big deal” that could create instability in the bond market. Speaking Monday on Fox Business’ Mornings with Maria, Dimon warned that rising government spending and debt levels could lead to widening credit spreads and increased market volatility.
“If people begin to lose confidence in the U.S. dollar, credit spreads could widen significantly,” Dimon said. “That would be a serious issue. It impacts everyone raising capital—small businesses, high-yield debt issuers, leveraged lenders, and those seeking real estate loans. That’s why volatility in the bond market should concern us all.”
Dimon’s remarks echo his longstanding caution about fiscal policy and its potential to disrupt financial markets. In recent weeks, shifting U.S. economic policy has triggered sharp moves in the bond market.
At 69, Dimon remains one of corporate America’s most influential figures, often consulted by policymakers during periods of economic uncertainty. His name was even floated for top government positions—including Treasury Secretary—during the 2024 presidential campaign, though he ultimately chose to remain at JPMorgan.
Having led the nation’s largest bank for over 19 years, Dimon has outlasted many of his peers. When asked about his future at the company, he said succession is still “several years” away. “There will be an appropriate time,” he noted. “And then I may stay on for a few years as chairman or executive chairman… I love what I do.”
Speaking at the Reagan National Defense Forum in Simi Valley, California, Dimon cautioned that cracks in the bond market are inevitable due to excessive borrowing and pandemic-era spending.
“You’re going to see a crack in the bond market. It is going to happen,” Dimon was quoted as saying by the Barrons. “I tell this to my regulators… you’re going to panic.”
Jamie Dimon’s recent remarks stirred unease on Wall Street during Friday’s session, as Treasury yields continued their upward climb. The yield on the 30-year Treasury surged by 0.25 percentage points in May—its largest monthly gain since December—hitting a 52-week high above 5%.
While Dimon noted that JPMorgan Chase could potentially benefit from market turmoil—“We’ll be fine. We’ll probably make more money”—he dismissed the idea that the bank would ever welcome economic instability.
He also took aim at what he views as misplaced national priorities, criticizing moves to accumulate Bitcoin while the U.S. faces more pressing strategic needs.
“We shouldn’t be stockpiling Bitcoin,” Dimon said. “We should be stockpiling guns, bullets, tanks, planes, drones—and rare earths.”
Calling for urgent reforms, Dimon emphasized the importance of addressing core domestic issues such as permitting, taxation, healthcare, and education. However, he argued that preserving U.S. global dominance requires a clear focus.
“The most important thing is maintaining our military alliances and ensuring we have the strongest military in the world,” he said. “We need to get our act together—and fast.”
Dimon’s warning comes amid renewed scrutiny of U.S. fiscal health, particularly after Moody’s downgraded the country’s last remaining perfect credit rating earlier this year.
He also cautioned against underestimating China, urging the U.S. to engage seriously with its global rival.
“I just got back from China last week. They’re not scared, folks,” he told the audience. “Don’t expect them to bow to America. When they face a challenge, they throw 100,000 engineers at it. They’ve been preparing for this for years.”
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