Jamie Dimon Warns on Bonds and Stocks: One Call Already Priced In
JPMorgan's Jamie Dimon flagged long-term Treasuries as a bad bet even if equities drop. Markets may have already moved on half his warning.
Jamie Dimon dropped a two-part warning this week, and if you're still holding long-duration Treasuries thinking they're your safe haven, he's talking directly to you. The JPMorgan CEO made clear he doesn't like long-term Treasuries — full stop — even if stocks sell off. That's a bold call that cuts against the classic flight-to-safety playbook most retail investors have burned into their brains.
Here's the thing: a lot of investors already bailed on that trade in 2025. Long-duration bonds have been a graveyard of returns, and anyone paying attention to yields knows the pain has been real. So when Dimon says stay away, he's arguably confirming what the bond market has been screaming for months. The crowd moved first; the CEO is just narrating the action.
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The stock side of his warning is the part that still hangs in the air. Dimon didn't give equities a clean bill of health either, which means you've got the head of the biggest U.S. bank telling you both of the classic asset classes have problems right now. That's not a small thing to brush off at your next portfolio review.
For traders, the practical read here is simple: don't assume long bonds automatically catch a bid when risk assets get wobbly. That correlation has been breaking down, and Dimon's comments are a high-profile signal that the old 60/40 logic deserves serious scrutiny. Diversification still matters — it just might need a different toolkit in this rate environment.
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