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Jamie Dimon Warns of ‘Extraordinary' Investor Complacency

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May 20, 2025

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JPMorgan CEO Jamie Dimon warned has against complacency in the face of a slew of risks, citing everything from inflation and credit spreads to geopolitics.

“People feel pretty good because you haven’t seen an effect of tariffs,” Dimon said. “The market came down 10%, it’s back up 10%; I think that’s an extraordinary amount of complacency.”

Dimon said the chances of elevated inflation and stagflation are greater than people think, cautioned that America’s asset prices remain high and said that credit spreads aren’t accounting for the impacts of a potential downturn.

“Credit today is a bad risk,” he said at the firm’s investor day on Monday. “The people who haven’t been through a major downturn are missing the point about what can happen in credit.”

The Trump administration’s fast-changing tariff policies sent markets spiraling on recession fears and concerns about the safety of US assets, but they’ve rebounded as the president touted progress in tariff negotiations. Even after the US was stripped of its last top credit rating by Moody’s Ratings on Friday, the S&P 500 erased an initial decline on Monday as traders seemed to look beyond the downgrade.

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