JPMorgan CEO Jamie Dimon: 'It's not clear to me we've slayed inflation'

Yahoo Finance · 2026-09-16

JPMorgan CEO Jamie Dimon: 'It's not clear to me we've slayed inflation' David Hollerith · Senior Reporter Wed, September 16, 2026 at 5:08 PM EDT 2 min read ^TNX JPM JPMorgan Chase (JPM) CEO Jamie Dimon said Wednesday he still isn't convinced the problem of high inflation has been defeated, shortly after the Federal Reserve raised interest rates and signaled borrowing costs could rise again. "I'm sympathetic to those who pay a higher price, but it's not clear to me it's over yet. It's not clear to me we've slayed inflation," Dimon told Yahoo Finance in an interview. US stocks slipped after the Federal Reserve raised interest rates by 25 basis points and policymakers projected at least one more rate hike in 2026. Meanwhile, long-dated bond yields rose, with the 10-year yield ( ^TNX ) topping 5% once again this week. The longtime CEO of the nation's biggest bank has warned for years that inflation could prove stickier than investors expect, calling it the "skunk at the party" in his April shareholder letter . With headline inflation running at 3.4% in August, Dimon said "every business should be prepared for volatility" in interest rates, echoing previous comments he has made. Dimon said persistent inflation, global deficits, and enormous demand for capital, including for AI, remilitarization, and other infrastructure buildouts, could keep upward pressure on interest rates. Despite his concerns, he stopped short of suggesting the economy is on the verge of a downturn, citing low unemployment, corporate profitability, and rising business formation as evidence of continued strength. "There are a lot of things out there which are quite dangerous," Dimon said. "And how they sort out, I don't know." He said the labor market remains the most important sign of whether those risks are translating into broader economic stress. "It's when unemployment goes up that you have consumer credit losses, corporate credit losses, people cut back on spending," Dimon said. "That is the single most important thing for everybody." David Hollerith covers a range of developments throughout the financial sector, from Wall Street to banking and asset management to crypto and fintech. Email him at david.hollerith@yahoofinance.com. Follow him on X at @DsHollers. Read the latest financial and business news from Yahoo Finance

AI 시장 분석

JPMorgan CEO Jamie Dimon warned that inflation has not been fully resolved as the Federal Reserve raised interest rates by 25 bps and signaled potential further hikes. U.S. stock markets declined as headline inflation hit 3.4% in August and the 10-year Treasury yield re-surpassed 5%. Dimon diagnosed that capital demand driven by AI and rearmament could sustain upward pressure on interest rates, emphasizing the need to prepare for volatility. Investors must closely monitor asset market volatility and labor market indicators due to prolonged high interest rates.

상승 영향

Banks — Interest rate hikes and the 10-year Treasury yield re-surpassing 5% can improve net interest margins (NIM) and expand loan-deposit spread profitability.

하락 영향

Real Estate — Increased borrowing costs and rising 10-year Treasury yields cause a surge in financing costs, increasing pressure for a contraction in the real estate market and asset value declines.
Growth Stocks — Concerns over prolonged high interest rates increase the discount rate, reducing the present value of future cash flows and expanding downward pressure on stock prices due to valuation burdens.
Bonds — Long-term Treasury yields rise due to the Fed's signaling of additional rate hikes and concerns over entrenched inflation, maintaining a downward trend in existing bond prices.

DYAX 전담 분석

The Federal Reserve's 25 bps rate hike and signal of additional increases lead to rising borrowing costs, exerting downward pressure on risk assets and growth stocks. The 10-year Treasury yield surpassing 5% again acts as a causal factor where rising bond yields increase valuation burdens on the stock market.

The bullish scenario is that solid corporate earnings and low unemployment drive a soft economic landing and a stock market rebound, while the bearish scenario is that sticky inflation and prolonged high interest rates materialize credit losses. Future employment indicators and Treasury yield trends are key monitoring metrics.

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