Jamie Dimon has served as CEO of JPMorgan Chase & Co. since 2006. At a recent conference in Paris, he offered a somewhat guarded view of the current state of the U.S. economy. Speaking on May 15, 2025, at the Morgan Stanley Capital Markets conference, Dimon highlighted a potential downturn in economic indicators and expressed skepticism about the current market conditions.
Given Dimon’s track record of offering bearish or gloom and doom takes on the economy, his statements at this week’s press conference fit right in line with this trend. He noted, “I think there’s a chance real numbers will deteriorate soon,” indicating his belief that the economic landscape may shift unfavorably in the near future.
As it happens, a lot of the recent economic data reinforces some of Dimon’s concerns. Just last week, conflicting reports claimed that the economy added fewer jobs than expected in May, as inflation showed clear signs of slowing too. Yet, in the face of this, Dimon pooh-poohed hard survey data that pointed to optimistic consumer confidence and business confidence. He stated, “neither consumers nor businesses ever pick the inflection points,” emphasizing the unpredictability of economic shifts.
Dimon recently shared his thoughts on exactly what we mean when we say “soft landing,” warning it will likely look a lot softer than we had hoped. He remarked, “Employment will come down a little bit. Inflation will go up a little bit. Hopefully, it’s just a little bit.” His remarks seem to indicate that the economy may not be headed for a recession in a traditional sense any time soon, but that there are still vulnerabilities.
An equally important issue raised by Dimon was the dangers of private credit, which has recently become a hot new sector for Wall Street firms. He predicted that this rapidly growing industry will lead to greater dangers when the country faces its next recession. Dimon expressed doubt about investing in credit at this juncture, stating, “Do I think that now is a good time to buy credit if I was a fund manager? No. I wouldn’t be buying credit today at these prices and these spreads.”
Dimon laid some of the blame for economic headwinds on the waning effects of fiscal stimulus from pandemic spending. He highlighted the reversal of monetary policies that had once uplifted growth. Efforts to revive the economy As these supportive measures fade, he argues that the economy is more exposed to threats of a downturn.