Jamie Dimon of JPMorgan, JPM, says markets ignoring chance Fed will raise interest rates

JPMorgan Chase CEO Jamie Dimon said Thursday that financial markets may be underestimating the likelihood of U.S. interest rates rising further—a possibility he described as a "cause for concern."

Last month, the Federal Reserve voted unanimously to hold interest rates steady. However, Fed Chair Jerome Powell warned of potentially "meaningful" inflation ahead, citing rising consumer costs linked to the administration's proposed import tariffs.

President Trump has called for steep, immediate rate cuts and has demanded Powell’s resignation.

Speaking at an event hosted by Ireland’s foreign ministry, Dimon noted that he assigns a higher probability to future rate hikes than the market currently does. “The market is pricing in a 20% chance. I would price in a 40–50% chance,” said Dimon, the head of the largest U.S. bank.

“I would put that as a cause for concern,” he added.

Dimon attributed his outlook to continued price pressures, pointing to tariffs, U.S. migration policy, and the federal budget deficit as contributing factors. He also noted that the restructuring of global trade and shifting global demographics are "kind of inflationary" in nature.

JPMorgan Chase currently holds the largest share of U.S. consumer accounts, with 11.3% of retail deposits.