JPMorgan Chase CEO Jamie Dimon is warning that markets are flashing signs of excess as the S&P 500 trades at all-time highs.
In an interview with Bloomberg, Dimon said he sees 'a little bit too much exuberance' in the markets. He pointed to unresolved geopolitical tensions in the Middle East and the war in Ukraine, as well as ongoing trade frictions between the U.S. and China.
Dimon also cited inflation concerns. The latest Consumer Price Index reading came in at 3.8% in April, slightly above the 3.7% consensus forecast.
Despite strong corporate earnings and productivity gains driven by artificial intelligence, Dimon said investors are assuming that all potential risks will resolve themselves. He called himself 'kind of a skeptic' on that front.
He also noted that the U.S. government's 'One Big Beautiful Bill' is providing $300 billion in stimulus, helping to offset rising gas prices. But he cautioned that such spending may also add to inflationary pressures.
The S&P 500 closed Thursday at 7,501.