Jamie Dimon Sees Trouble Under the Surface of a Strong US Economy

Growth in America looks healthy on the surface, yet Jamie Dimon thinks investors should watch what lies beneath it. The JPMorgan Chase chief says big deficits, stubborn inflation, pricey assets, climbing rates and global tensions are all moving in the background. His bank is ready for many different outcomes.

Deficit, Rates and Inflation Pressure

Washington ran a deficit near $2 trillion in fiscal 2026, with interest payments alone around $1.14 trillion, according to the CBO. Fed Chair Kevin Warsh raised rates to 3.75% to 4% in September and said inflation has lingered too long. Meeting minutes hint that another hike may arrive in December.

AI Bubble and Iran War Market Risks

Jeremy Grantham, who called the dot-com and housing busts, calls the AI boom the largest bubble in US history and says stocks could fall 70%. Money circling among companies in the same AI supply chain adds to the worry, and the Iran war threatens energy, shipping and trade.

Gold, Rentals and Annuities as Hedges

Gold has gained about 130% in five years, and Dimon has said it could reach $10,000 an ounce. Rental property can supply income, while higher rates make new annuities pay more.