JPMorgan Chase CEO Jamie Dimon expressed anxiety over the U.S. economy, citing high asset prices and a competitive banking environment reminiscent of pre-2008 crisis years. Dimon warned of an inevitable economic cycle turn, with potential borrower defaults impacting unexpected industries. Concerns over AI disruption and software firm loans also loom.

The broader S&P 500 nears all-time highs despite recent market turbulence over AI disruption fears and software company loan concerns. Blue Owl’s asset sale to appease exiting investors rattled private credit lenders, affecting alternative asset manager shares. Market observers question if a broader credit downturn has begun, with Dimon warning of surprises in the credit cycle.

Dimon likened the current economic environment to the pre-2008 crisis years, cautioning against complacency amidst high profits and increasing leverage in financial firms. He warned of risky behavior in pursuit of interest income, urging vigilance in the face of economic uncertainties. The story is developing, with updates to follow.

Read more at CNBC: Jamie Dimon says ‘watch out’ as high asset prices add to economic risks: ‘My anxiety is high’