JPMorgan Chase CEO Jamie Dimon expressed alarm over the state of the stock market in a recent interview, saying he was “far more worried than others” amid concerns about the economy and the state of the world.
Dimon told the BBC in an interview published Wednesday the market could fall into a correction — a 20 percent decline from its peak — sometime within the next six months to two years, even as stocks continue to push through record highs.
All three major U.S. stock indexes have bounced back from their declines during the first half of the year, which were largely driven by President Trump’s whipsaw trade policy and concerns about the persistence of inflation.
The glut of investment in artificial intelligence has also powered the stock market, with the S&P 500 index and Nasdaq setting new records Wednesday despite growing alarm over the U.S. economy.
The U.S. has added an average of only 29,000 jobs this year — roughly a quarter of the monthly pace needed to keep the unemployment rate from rising — and inflation has risen back to 3 percent on an annual basis. The combination of a weakening job market and rising prices has fueled fears of stagflation, in which inflation gets worse even as the economy stagnates.
Dimon said he was also deeply concerned about heightened tensions across the world, particularly between the U.S. and China.
“People talk about stockpiling things like crypto, I always say we should be stockpiling bullets, guns and bombs.
“The world’s a much more dangerous place, and I’d rather have safety than not,” Dimon said.
Dimon’s immense power as CEO of the largest U.S. bank and frequent commentary on global affairs have made him a constant focus of political speculation. He has often been floated as either presidential candidate himself or as a potential Treasury secretary.
Dimon told the BBC his current focus is making sure JPMorgan Chase remains a “healthy and vibrant company” but didn’t shoot down a future run for higher office.
“If you gave me the presidency, I’d take it. I think I’d do a good job,” Dimon said.