Dimon Warns Against Buying S&P 500 or Long-Dated Treasuries

JPMorgan Chase CEO Jamie Dimon issued a rare warning to investors about market valuations. He said he 'wouldn't buy' either the S&P 500 or long-dated Treasuries at current prices, citing underpriced geopolitical and fiscal risks.

Dimon pointed to tensions in Ukraine, the Middle East, and between the US and China as well as a record-high level of US government debt. He also noted that even if inflation settles around 2%, long-dated Treasuries should yield 4% to 4.5%, which is roughly where they already sit.

This warning comes at a time when JPMorgan Chase reported record profits, so it's not about the bank struggling. However, Dimon has sounded alarms before that proved early, and markets can stay expensive for years.