JPMorgan Chase CEO Jamie Dimon has labeled the U.S. stock market as “kind of inflated,” with asset prices in the top 10% to 15% of historical valuations. Speaking at the World Economic Forum in Davos, Dimon expressed caution due to risks from deficit spending, inflation, and geopolitical tensions. The S&P 500 experienced back-to-back annual gains of over 20% in 2023 and 2024, a feat not seen in over 25 years. Dimon also highlighted that parts of the bond market, like sovereign debt, are at all-time highs. Despite his concerns, he acknowledged that pro-growth strategies could justify these elevated prices. However, he remains wary of global issues like deficit spending and inflation, which he believes might not dissipate as easily as some hope.
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