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J.P. Morgan Strategist Warns of Imminent U.S. Debt Crisis

10/14/2025

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Summary

Story summary

David Kelly, chief global strategist at J.P. Morgan Asset Management, warns the U.S. faces a looming debt crisis as national debt surpasses $37.8 trillion and annual interest payments reach $1.2 trillion.
Kelly projects the debt-to-GDP ratio could reach 102.2% by September 2026 if trends continue.
He urges diversification to mitigate risk, noting political choices could worsen fiscal deterioration.
Tariff revenues offer some hope, but future fiscal policies and potential legal challenges remain uncertain.

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Story summary

David Kelly, chief global strategist at J.P. Morgan Asset Management, warns the U.S. faces a looming debt crisis as national debt surpasses $37.8 trillion and annual interest payments reach $1.2 trillion.
Kelly projects the debt-to-GDP ratio could reach 102.2% by September 2026 if trends continue.
He urges diversification to mitigate risk, noting political choices could worsen fiscal deterioration.
Tariff revenues offer some hope, but future fiscal policies and potential legal challenges remain uncertain.