Joy Wiltermuth

Fri, May 30, 2025, 1:50 PM3 min read

Jamie Dimon, JPMorgan Chase & Co.’s longstanding chief executive, fired off a warning about the bond market on Friday, telling regulators they will “panic” when it happens.

“You are going to see a crack in the bond market — OK,” Dimon said, speaking at an event organized by the Ronald Reagan Presidential Foundation. “It is going to happen.”

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“And I tell this to my regulators — some of who are in this room — I’m telling you this is going to happen. And you are going to panic.”

Dimon has been a frequent critic of banking regulations, pointing to “deep flaws” in the rules in the wake of extreme tumult in the bond market in April. He has singled out proposed changes to banks’ supplementary leverage ratio as likely to aid the roughly $29 trillion Treasury market.

A sharp bond selloff in April has kept investors on edge and rattled White House officials. President Donald Trump, during peak tumult, said that bond investors were getting “yippy.”

Trump then paused some of his most aggressive tariffs, and stocks rallied powerfully in May. Some investors have been buying the dip on the view that Trump would threaten but not apply those higher levies. That has helped the S&P 500 index SPX get back to nearly where it started the year.

Treasury prices, however, remain under pressure, which has driven up yields. Longer-duration 10-year BX:TMUBMUSD10Y and 30-year BX:TMUBMUSD30Y yields were at 4.418% and 4.931%, respectively, on Friday, up about 25 basis points in May, their biggest monthly yield jumps this year, according to Dow Jones Market Data.

“I don’t hold the same view as Jamie,” said Tom di Galoma, managing director at Mischler Financial Group, when asked about Dimon’s bond-market warning.

“I though the bond market was broken back in April,” di Galoma said, adding that successful Treasury auctions over the past week, including a closely watched 7-year auction, helped reinforce calm in the sector. The Federal Reserve and Treasury also have tools to use if needed, he said, to help manage points of friction and stress in the sector.