Story perspectives

Dimon Skips Bonds, Flags 4% Treasury Yield Amid AI Boom

7/21/2026

Summary

Dimon Skips Buying

JPMorgan CEO Jamie Dimon said he will not buy equities or Treasury bonds now because investors underestimate wars, Middle East conflicts, U.S.–China tensions and deficits.
He warned that rising deficits could trigger a crisis, lift borrowing costs, and push the 10-year Treasury yield to 4%-4.5% today.
He likened the AI spending surge to the early internet while JPMorgan posted Q2 net income $21.2 billion and profit $16.9 billion, beating the $5.80 estimate.

Summary

Dimon Warns Tax

Dimon warned Burnham that raising the bank levy could drive capital away and threaten JP Morgan’s £10 billion tower.
He said JP Morgan will stay in London only if a binding tax pact follows the business-rate exemption MoU signed last month, obligating the government to make the exemption legally binding.
Dimon praised chancellor Rachel Reeves’s stance but urged the next chancellor to adopt growth-focused policies, noting a 28 percent corporation tax on UK banks.

History

Historical Context

After the 2008 crisis, the UK introduced a bank levy in 2011, taxing large banks at 0.05-0.10% of liabilities net of insured deposits, a step urged by the IMF and adopted by the UK government to recoup bailout costs. The levy sparked industry push-back, echoing G20 debates on financial taxes and warnings that high rates can drive banks offshore.

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Dimon Skips Buying

JPMorgan CEO Jamie Dimon said he will not buy equities or Treasury bonds now because investors underestimate wars, Middle East conflicts, U.S.–China tensions and deficits.
He warned that rising deficits could trigger a crisis, lift borrowing costs, and push the 10-year Treasury yield to 4%-4.5% today.
He likened the AI spending surge to the early internet while JPMorgan posted Q2 net income $21.2 billion and profit $16.9 billion, beating the $5.80 estimate.

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