Back to today’s briefing

Story perspectives

Dimon Avoids Stocks, Treasury Yields Hold; Short-Term ETFs Boom

7/22/2026

43 3 Full Breakdown

Summary

Dimon Skips Buying

JPMorgan Chase CEO Jamie Dimon said he will not buy stocks or long-dated U.S. Treasury bonds at current prices.
He warned that wars in Ukraine and the Middle East, U.S.–China tensions, and rising defense spending raise risks.
Dimon expects the 10-year Treasury yield to stay near 4%-4.5% even if inflation hits the Fed’s 2% target.
JPMorgan posted a record second-quarter net income of $18.5 billion and revenue of $53 billion.

Summary

SGOV Nets Billions

SGOV attracted $47.5 billion net inflows in 2026, pushing assets toward $100 billion.
SGOV ranked fifth in overall ETF flows for June 2026, behind major equity funds.
Short-term Treasury ETFs were the only bond funds in the year-long top-10 net-flow list.
Investors are using short-term Treasuries to hedge volatility, echoing Warren Buffett, noted investor’s 2013 recommendation of a 90% S&P 500 and 10% short-term Treasury mix.

History

Historical Context

In late 2008 the Federal Reserve, led by Chair Ben Bernanke, cut rates to zero and began emergency quantitative easing, creating $1.3 trillion of new money to buy Treasury bonds and mortgage-backed securities. The program pushed the 10-year Treasury yield sharply lower, a pattern echoed today as Jamie Dimon warns yields will stay near 4-4.5 % and short-term Treasury ETFs draw record inflows.

1 of 3

Dimon Skips Buying

JPMorgan Chase CEO Jamie Dimon said he will not buy stocks or long-dated U.S. Treasury bonds at current prices.
He warned that wars in Ukraine and the Middle East, U.S.–China tensions, and rising defense spending raise risks.
Dimon expects the 10-year Treasury yield to stay near 4%-4.5% even if inflation hits the Fed’s 2% target.
JPMorgan posted a record second-quarter net income of $18.5 billion and revenue of $53 billion.

1 / 3