<div id="readability-page-1" class="page"><div><p><span>Jamie Dimon is warning that the bond market may still have more pain ahead. The JPMorgan Chase </span><span> chairman and chief executive said interest rates could be much higher than they are today, arguing that the world may have shifted from a savings glut to a shortage of savings. For investors, that matters because long-dated bonds are already under pressure, with higher oil prices, government spending concerns in Japan, the UK, and the US, and AI-supported growth in the US economy all pushing markets to demand greater compensation for holding longer-maturity debt.</span></p><p><span>That pressure is already visible in Treasuries. The 30-year yield rose this week to levels last seen in 2007, while the two-year yield climbed to its highest level since February 2025. Traders are also repricing the Fed path quickly. Swaps show a 70% chance of a quarter-point rate hike by December, while a 25-basis-point increase by March is viewed as nearly certain. Before the Iran war broke out, investors had expected more than two quarter-point rate cuts by year-end, showing how fast the rate outlook has shifted.</span></p><p><span>Dimon's broader warning is about refinancing risk. He pointed to $30 trillion of US government debt with an average rate of 3.5%, plus another $2 trillion to refinance this year, and said the risk is not knowing when the world becomes more worried about inflation and long-duration debt. He also warned that the pressure could spill into credit markets, where rates and spreads may rise further as more borrowers are forced to refinance at higher levels. For investors, the message is simple: higher-for-longer may not be the ceiling, and bond and credit markets could possibly face more strain if inflation, deficits, and refinancing pressure keep building.</span></p></div></div>

<p>Jamie Dimon warns that interest rates could rise significantly, indicating a shift from a savings glut to a shortage. He highlights pressures on long-dated bonds due to rising oil prices and government spending concerns. The 30-year Treasury yield has reached levels not seen since 2007. Dimon also cautions about refinancing risks associated with $30 trillion of US government debt, suggesting that bond and credit markets may face further strain if inflation and deficits continue to rise.</p>

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Jamie Dimon Warns Rates Could Rise Far Above Current Levels