CEO of JPMorgan Chase Jamie Dimon speaks exclusively with Bloomberg&#x27;s Haslinda Amin from the sidelines of the JPMorgan &quot;Global China Summit&quot; in Shanghai. They discussed the rout in bond markets, the risk of heightened inflation, and why corporate earnings remain so high.<br>See omnystudio.com/listener for privacy information.

JPMorgan Chase CEO Jamie Dimon Talks Bond Market, Inflation 

Bloomberg Talks

# Full Transcript

**Podcast:** Bloomberg Talks

## Participants

- **Haslinda Amin** (Bloomberg)
- **Jamie Dimon** (JPMorgan Chase)
- **Jamie Dimon** (JPMorgan Chase)

## Transcript

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[SPEAKER_03] Bloomberg Audio Studios. Podcasts. Radio. News. All right, we're wasting no time. Let's get straight to our exclusive conversation with Jamie Dimon, Chairman and CEO of JPMorgan Chase. Jamie, good to have you with us. And thanks for having us here.

[SPEAKER_01] Happy to be here.

[SPEAKER_03] The bond market is front and center. We're seeing yields at the highest levels in decades. Yet, we see the stock market keeps rallying. In fact, it's again in the money today. Should we be nervous or not?

[SPEAKER_01] Well, I think it's always reasonable in the investment world to be nervous a little bit because you mentioned the opening. There's a lot of geopolitical risk. You have a bunch of wars going on, which I hope are properly resolved. You have bond rates going up. Inflation is a little bit higher than people thought. So yeah, but I'm not surprised. I think when people say you should be surprised, bond rates can go up. But the notion that somehow people said they'll never go up is the wrong notion. And so companies like us prepare for higher rates, lower rates, and figure those things can happen.

[SPEAKER_03] The thing is, they're at the highest level in decades. I mean, that is where the surprise could be.

[SPEAKER_01] I think they could be much higher than they are today.

[SPEAKER_03] Oh, yeah? How much higher?

[SPEAKER_01] You say decades, but we've had like one of the greatest bull markets. Other than the brief COVID, you know, since the great financial crisis, we've had a huge bull market, huge lower rates for the most part for a long period of time. But the world changes, you know, like we may have gone from a savings glut to not enough savings. You know, and you know, the AI investments, you're talking about in America alone, 450 billion last year, 750 this year, a trillion next year, global deficits that are all time highs.

[SPEAKER_01] And they are huge. So the governments, including ours, has to borrow huge sums of money more next year than this year. So, you know, people who own bonds, they tend to look at these things and both inflation and, you know, demands for capital can push up rates.

[SPEAKER_03] The thing is, it's not just an inflation story right now. It's also, I guess, a credibility story, right? I mean, we have an environment where everybody's trying to pay debt and governments around the world have so much debt at a higher level. I mean, at some point, it's go...

JPMorgan Chase CEO Jamie Dimon Talks Bond Market, Inflation

Transcript

Built for investment professionals

Every day you wait, your competitors are finding
edge in conversations you're not hearing.

JPMorgan Chase CEO Jamie Dimon Talks Bond Market, Inflation

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.