Jamie Dimon warns of 5 big threats to the US economy — how America’s biggest bank is protecting itself now (copy them)
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America’s economy is still spending, investing and pushing forward. But Jamie Dimon wants investors to pay attention to what’s happening beneath that strength.
The JPMorgan Chase CEO has flagged five forces that could complicate the outlook — and potentially put Americans’ savings, borrowing costs and investment portfolios under pressure.
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“The U.S. economy continued to be fueled by strong business investment and ongoing consumer spending,” Dimon said (1) in the bank’s third-quarter earnings release. “However, large fiscal deficits, sticky inflation, elevated asset prices, rising interest rates and geopolitical conditions continue to shift under the surface.”
His next line explains how America’s biggest bank is approaching the uncertainty.
“These forces may be manageable, but we remain prepared for a wide range of outcomes.”
For everyday Americans, there are already concrete reasons to take those concerns seriously.
Start with Washington’s borrowing habit. The Congressional Budget Office estimates (2) that the federal government ran a roughly $2 trillion deficit in fiscal 2026 — $218 billion more than the previous year. Net interest spending alone reached approximately $1.14 trillion, up 11%. That’s money going toward servicing debt rather than other national priorities.
Meanwhile, the fight against inflation is dragging on.
“The plain fact is that inflation is too high and has been for too long,” Federal Reserve Chair Kevin Warsh said (3) at his September press conference, after policymakers raised their benchmark rate by a quarter percentage point to 3.75%–4%.
And borrowing costs could climb further. Minutes of the Fed’s September meeting showed (4) that most participants believed another rate increase “would likely be appropriate by year end.” That could mean another rate hike in December.
Investment portfolios face their own questions. Market legend and GMO co-founder Jeremy Grantham — who famously warned about the dot-com bubble and the housing bubble that preceded the 2008 financial crisis — offered a blunt assessment of the AI-fueled market boom.
“This is, I think, the biggest investment bubble in American history,” he said in a recent interview, warning that a 70% market decline could be in order.
Grantham’s concern is part of a broader trend in AI called circular financing, where the same money is recycled among companies part of the same supply chain, according to Bloomberg (5). This can be fine if anticipated demand for AI materializes, but if it doesn’t, a substantial correction could follow.
Then there’s the Iran war. Disruptions to energy production, shipping and trade have shown how a conflict overseas can create economic pressure far beyond the battlefield. Further escalation remains a risk to an already uncertain outlook.
JPMorgan’s approach, in Dimon’s words, is to “remain prepared for a wide range of outcomes.”
Here’s a look at how everyday investors can put that strategy into action.
Own what Wall Street can’t print
When storm clouds gather over the markets, gold often steps back into the spotlight — and for good reason.
Long seen as the ultimate safe haven, gold isn’t tied to any single country, currency or economy. It can’t be created at will by central banks like fiat money, and in times of economic turmoil, market turbulence or geopolitical uncertainty, investors tend to pile in — driving up its value.
Ray Dalio, founder of the world’s largest hedge fund, Bridgewater Associates, has repeatedly highlighted gold’s role in a resilient portfolio.
“People don’t have, typically, an adequate amount of gold in their portfolio,” Dalio told CNBC last year. “When bad times come, gold is a very effective diversifier.”
Over the past five years, as inflation continued to erode the dollar’s purchasing power and investors sought protection beyond stocks, gold has climbed about 130%.
Even Dimon himself has acknowledged gold’s appeal, saying that, in this environment, it can “easily” rise to $10,000 an ounce.
One way to invest in gold that also provides significant tax advantages is to open a gold IRA with the help of American Hartford Gold.
Gold IRAs allow investors to hold physical gold or gold-related assets within a retirement account — combining the tax advantages of an IRA with the protective benefits of investing in gold, making it an option for those looking to potentially hedge their retirement funds against economic uncertainties.
Even better, you can often roll over existing 401(k) or IRA accounts into a gold IRA without tax-related penalties. American Hartford Gold also helps keep startup costs down with free account setup, free insured shipping and up to five years of free storage. To learn more, get your free information guide on investing in precious metals.
If you change your mind, you can cancel within seven days for a full refund on eligible assets. With their price protection guarantee, if prices drop within seven days of your purchase, your order is repriced to reflect the lower price. Qualifying purchases can also receive up to $25,000 in free silver.
Income, even in a down market
Gold offers one way to diversify. Real estate adds another potential benefit: recurring income.
Like stocks, real estate has its cycles, but it doesn’t rely on a booming market to generate returns.
Even during a recession, high-quality, essential real estate can continue to produce passive income through rent. In other words, you don’t have to wait for prices to rebound to see a payoff — the asset itself can work for you.
It’s also a time-tested hedge against inflation. As the cost of materials, labor, and land rises, property values often increase as well. At the same time, rental income tends to climb, giving landlords a revenue stream that adjusts with inflation.
Owning rental property allows investors to collect monthly rent payments, but being a landlord is rarely as passive as it sounds. Managing a property involves finding and screening tenants, collecting rent, and handling maintenance and repair requests (out of your own pocket) — and that’s assuming you can save enough for a down payment and get a mortgage to buy the property in the first place.
The good news? These days, you don’t need to buy a property outright to invest in real estate. Crowdfunding platforms like mogul offer an easier way to get exposure to this income-generating asset class.
As a real estate investment platform offering fractional ownership in blue-chip rental properties, mogul gives investors monthly rental income, real-time appreciation and tax benefits — without the need for a hefty down payment or 3 a.m. tenant calls.
Founded by former Goldman Sachs real estate investors, the team hand-picks the top 1% of single-family rental homes nationwide for you. In other words, you gain access to institutional-quality offerings for a fraction of the usual cost.
Each property undergoes a rigorous vetting process, requiring a minimum 12% return even in downside scenarios. Across the board, the platform features an average annual IRR of 18.8%. Offerings often sell out in under three hours, with investments typically ranging between $15,000 and $40,000 per property.
Sign up for an account and browse available properties here to start investing today.
Guaranteed income for life
Rising interest rates are one of the threats on Dimon’s radar. But for Americans approaching retirement, they can also create an opportunity.
Higher prevailing rates generally allow insurers to offer larger payouts on newly purchased income annuities, although the amount depends on your age, payout choices and contract terms. That can make it an appealing time to explore turning part of your savings into a reliable retirement paycheck.
After all, preparing for a wide range of outcomes gets easier when you know where some of your monthly income will come from.
One option you may want to consider is an income annuity through Ethos, which can help you convert your savings into predictable income. In exchange for a lump sum, you can get contractually guaranteed income for life, backed by the issuing insurer’s claims-paying ability. This guarantee requires annuitizing your funds and is subject to the specific contract’s terms, including any applicable surrender charges.
You can lock in predictable income you can count on every month and customize your payout schedule to fit your budget. If you need the money now, you can turn a lump sum into income that starts right away.
An income annuity can also help you diversify your retirement income strategy and provide another source of income alongside Social Security, pensions and other savings, with lifetime guaranteed income for those 59 and older, backed by the issuing insurer’s claims-paying ability and subject to annuitization, rider elections and contract terms including surrender charges.
If you’re considering an income annuity, book a free consultation with a licensed Ethos insurance agent to explore your options. No purchase is required.
Not available for residents of New York.
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Article Sources
We rely only on vetted sources and credible third-party reporting. For details, see our ethics and guidelines.
JPMorgan Chase & Co. (1); Congressional Budget Office (2); YouTube (3); U.S. Federal Reserve (4); Bloomberg (5)
This article provides information only and should not be construed as advice. It is provided without warranty of any kind.