Jamie Dimon conveyed this warning over a year ago. Nothing has yet been so much as ‘hinted at’ to bring America’s mushrooming deficits under control.
The U.S. government closed Fiscal Year 2026 (ending September 30, 2026) with a total deficit of $1.99 trillion (about 6.2% of GDP).
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JPMorgan’s Jamie Dimon Predicts ‘Crack in the Bond Market,’ Citing U.S. Fiscal Mess – WSJ |
By Justin Baer, May 30, 2025
Excerpts:
JPMorgan Chase Chief Executive Jamie Dimon delivered a dire warning for the markets, predicting a crisis unless the U.S. takes steps to address its spiraling national debt.
“You are going to see a crack in the bond market, OK?” Dimon said during an interview at the Reagan National Economic Forum in California. “It is going to happen.”
Regulations imposed on banks after the 2008-09 financial crisis have left them with less flexibility to hold bonds and other securities on their balance sheets. That makes it difficult for financial firms to step in between sellers and buyers when credit markets freeze up, Dimon said.
Treasury Secretary Scott Bessent and other banking regulators have pledged to loosen capital requirements to let banks hold more Treasurys.
Without substantial changes, the U.S. is headed for a reckoning, Dimon said. “And I tell this to my regulators…it’s going to happen, and you’re going to panic,” he said. “I just don’t know if it’s going to be a crisis in six months or six years.”
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A potential debt-market crisis isn’t the only scenario that has Dimon worried. He also believes that if America’s economic and military might erodes, the dollar’s pre-eminent status is at risk.
“If we are not the pre-eminent military and the pre-eminent economy in 40 years, we will not be the reserve currency,” he said. “People tell me we are enormously resilient. I agree with that. I think this time is different. This time we have to get our act together and do it very quickly.”
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