Jamie Dimon, chief executive officer of JPMorgan Chase & Co., speaks during the 2025 Institute of International Finance annual membership meeting in Washington, Oct. 16, 2025.

JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn't buy either equities or long-dated U.S. Treasurys at their current prices.

In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren't fully accounting for a growing list of geopolitical and fiscal threats.

"I do think those risks are probably bigger than other people think," Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits.

Asked whether markets are underpricing the chance of a major shock, Dimon said it's difficult to know exactly what risks are already reflected in asset prices.

"It's possible something's baked in, but what's not baked in is what actually happens," he said.

Dimon, who leads the world's largest bank by market cap, often warns the public about the economic risks he sees.

His latest comments contrast with investors' recent willingness to look past wars, tariffs and other shocks. The S&P 500 has returned nearly 10% this year as consumers continue to spend, inflation has moderated and investors have embraced the artificial intelligence trade.

Last week, JPMorgan Chase and its peers posted blockbuster quarterly results powered by surging trading and investment banking revenue, reinforcing the view that the U.S. economy has weathered recent geopolitical turmoil better than many expected.