“ Market assessment: “I do think the market is exuberant. I’ve seen this before. Of course, exuberance can go on for a long time, and it’s not bad,” Dimon said at the Reagan National Economic Forum on May 29
Hype warning: “But there is also hype in some of this stuff. Credit spreads are very low. So I look at all that as actually a risk. If something goes wrong, those asset prices can come down. Interest rates are gravity to asset prices”
Inflation forecast: Dimon said inflation can “easily hit” 4% this year, which would push bond yields higher and pressure equity valuations
Micron example: cited Micron Technology’s rise to $1 trillion valuation in 48 trading days, fastest on record after doubling from $500 billion, as a sign of market froth
JPMorgan Q2 outlook: investment banking fees expected to rise at least 10% in Q2 on stronger dealmaking activity; M&A environment described as increasingly active
Prior warning: Dimon’s January 2026 note about “too much exuberance” did not trigger a correction; markets continued climbing, prompting him to adjust tone at Reagan forum while maintaining underlying caution“