The boss of Wall Street’s biggest bank fears that extreme complacency crept into the market as investors shook off last month’s tariff scare. Wall Street strategists say he might be on to something.

Americans might feel anxious about inflation and tariffs, but according to JPMorgan Chase (JPM) CEO Jamie Dimon, Wall Street hasn’t even begun to worry enough — and that, he says, is a big mistake.

It boasts a market capitalisation of $730bn, or 30% of the total among America’s big banks, up from 12% when Mr Dimon took charge at the start of 2006 (see chart 1). The gap with competitors has grown larger still since the covid-19 pandemic.

JPMorgan Chase CEO Jamie Dimon cautioned about the US tariff policy. He highlighted potential economic damage. Dimon noted rising tariffs and inflated asset prices. He also mentioned tougher borrowing conditions for businesses.

JPMorgan CEO Jamie Dimon warns of potential threats to the stock market, urging investors to consider ETF plays like short-term treasuries, low-beta, and dividend-growth ETFs to protect against volatility and inflation.

We're not out of the economic woods yet. At least not according to JP Morgan JPM CEO Jamie Dimon, who spoke Monday at the bank's annual investors conference. The fear and trepidation that markets felt when President Donald Trump first unveiled his tariff plan has only been matched by the exuberance felt since the White House announced a 90-day pause on the tariffs.

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JPMorgan CEO Jamie Dimon is warning investors that the U.S. economy still hasn’t fully absorbed the impacts from Donald Trump’s sweeping tariff agenda. At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.

Government bonds aren't the "shock absorbers" investors can rely on in times of volatility, KKR said, while Jamie Dimon this week warned of dangers in credit.