Suzanne McGee and Nupur Anand
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By Suzanne McGee and Nupur Anand
NEW YORK (Reuters) -JPMorgan Chase CEO Jamie Dimon said on Monday that the rising U.S. national debt is a "big deal" that could create a "tough time" for the bond market that causes spreads to widen, he told Fox Business’ "Mornings with Maria" program.
The comments echo his earlier warnings about potential market turmoil, citing rising U.S. government spending.
"If people decide that the U.S. dollar isn't the place to be, you could see credit spreads gap out; that would be quite a problem," Dimon said. "It hurts the people raising money. That includes small businesses, that includes loans to small businesses, includes high yield debt, includes leveraged lending, includes real estate loans. That's why you should worry about volatility in the bond market."
Shifting U.S. economic policies have sent bond markets tumbling in recent weeks.
Dimon, 69, is one of the most prominent voices in corporate America and has regularly been consulted by administrations during times of crisis. His name was floated for senior economic roles in government during the 2024 presidential campaign, including Treasury Secretary, but he stayed put at the bank.
Dimon has been running the biggest U.S. lender for more than 19 years, outlasting many other CEOs.
When asked about the timeframe for his succession, Dimon said "it's several years," adding, "there will be an appropriate time and then I may stick around for a couple of years as chairman or executive chairman... I love what I do."
(Reporting by Suzanne McGee and Nupur Anand in New York, editing by Lananh Nguyen and Sharon Singleton)
