Jamie Dimon tells investors he would not buy U.S. stocks or long-dated Treasurys at current prices

JPMorgan Chase chief executive Jamie Dimon has issued a cautionary note to stock and bond investors, saying he would not buy U.S. stocks or long-dated U.S. Treasurys at prevailing prices. The comments were made in a CNBC podcast interview released on July 21 and circulated in a market recap published July 29.

Dimon’s central point was that the market may be pricing in too little risk. In the interview, he said he believed the current setup in markets was not fully reflecting downside possibilities, arguing that the gap between price and risk was wide enough that he would hold off on new purchases at those levels.

On the equity side, he indicated that the risk-adjusted appeal of U.S. stocks did not justify stepping in at current valuation levels. The recap of the interview framed his stance as a preference to avoid exposure when the market’s expectations appear overly optimistic relative to the uncertainty embedded in the economy and financial conditions.

His caution extended to the long end of the Treasury curve. Long-dated Treasurys are U.S. government bonds with maturities far in the future, typically making them more sensitive to changes in interest rates. Dimon said he would not buy those long-dated Treasurys at current prices, suggesting that investors may be underestimating how interest-rate or recession risks could play out over time.

The remarks come at a time when markets often oscillate between focusing on near-term growth indicates and broader concerns about how quickly policy settings, inflation, and credit conditions could shift. By emphasizing long-horizon assets and arguing they were not correctly priced for risk, Dimon effectively highlighted a familiar tension in finance: investors can be willing to pay for steadiness, even as the distribution of potential outcomes remains uncertain.

There was no additional detail in the published recap about what specific risks Dimon had in mind, nor did it provide explicit numeric levels, scenarios, or thresholds that would change his view. The interview summary also did not state whether he was expressing a temporary trading preference or a longer-term repositioning call, and it did not lay out a particular macro forecast to accompany the remarks.

For investors, the practical takeaway is less about a precise recommendation and more about an admission that a major banking executive sees a mismatch between price and downside risk. Even if the comments do not translate into near-term selling by JPMorgan itself, they can still influence market sentiment by underscoring that sophisticated institutions may be more selective about entry points than retail or benchmark-driven strategies.

What to watch next is whether JPMorgan or Dimon provides further clarification on what would justify buying, such as a change in valuation, interest-rate expectations, or macro data. Investors will likely also look for follow-up commentary across JPMorgan’s leadership and research channels to see whether the message is limited to his personal portfolio discipline or indicates a broader tightening of risk appetite.