JPMorgan Chase CEO Jamie Dimon joins 'Mornings with Maria' to discuss inflation risks, consumer spending, Federal Reserve policy and why he believes fixing government policy could boost economic growth.
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What Jamie Dimon said
Written from the verified transcript and checked against it. Every figure links to the moment it was said.
Jamie Dimon characterized the U.S. economy as 'pretty good,' citing 2% growth, 4.3% unemployment, and low corporate and consumer debt, but flagged rising inflation as a concern. He noted that high gas prices disproportionately hurt lower-income consumers, who are dipping into savings and borrowing more, which may not be sustainable. On Federal Reserve policy, Dimon agreed with Kevin Warsh's push to shrink the Fed's balance sheet, arguing the Fed shouldn't intervene in every market 'kerfuffle' and that regulatory changes like LCR could give banks more flexibility. He mentioned $1.2 trillion in bank cash and treasuries that could be used more productively. Dimon criticized New York City Mayor Zohran Mamdani's policy approach, saying 'good policy is free' and that fixing policy could boost growth by 1% faster. He recounted a closed-door meeting with Mamdani, expressing frustration over infrastructure delays like the Baltimore bridge. Dimon also endorsed President Trump's red lines on Iran's nuclear program, saying he was 'totally right' to hold fast.
Key takeaways
Dimon said the economy is growing at 2% with unemployment at 4.3%, but inflation is ticking up, which is 'not good.'
Dimon agreed with Kevin Warsh on shrinking the Fed's balance sheet, saying the Fed shouldn't intervene in every market 'kerfuffle.'
Dimon said banks hold $1.2 trillion in cash and treasuries that could be used more productively with regulatory changes.
Dimon told Mayor Mamdani 'everything I wanted to say' in a closed-door meeting, urging him to fix policy rather than raise taxes.
Dimon endorsed President Trump's red lines on Iran's nuclear program, saying he was 'totally right' to hold fast.
First, it is time for the hot topic of the hour. As Maria is live this morning from the Reagan National Economic Forum. The top minds of business are gathering there to exchange ideas on American enterprise and economic prosperity. Maria sat down with JPMorgan Chase CEO Jamie Dimon in California and he gave her a sense of the economy right now, the new leadership at the Federal Reserve and what is driving policy in New York City. Watch.
I want to get your take. The largest bank, you've got so much exposure to the consumer and to housing as well as to commercial and business. How would you characterize the economy right now? Give us your sense of the macro story.
It's pretty good, which all your viewers know. The economy growing at 2%, unemployment's low, 4.3%, wages not going up that much anymore. Corporate debt is not that high. Consumer debt is actually not that high. Inflation is ticking up. That's not good. You have a lot of stimulus, the one big beautiful bill, 300 billion in stimulus, additional spend in AI, additional stimulus. Dereg allows people to put money to work in a better way. A lot of those things are good. We have a huge deficit. That's a stimulus that ends up in corporate profits, so corporate profits are up huge this year. So people are feeling good, the stock prices are up, that's all good. There may be negatives. The one you could see a little bit is inflation going up.
Yes. You have to separate consumers into various segments. High end, it doesn't do anything. The high gas prices, a dollar of gas is $100 billion a year. But of course it affects lower income folks much more and for them they have to cut back something else or do something. So what has to happen for some is they go into savings and they still spend and borrowing is going up a little bit. It might not be sustainable forever.
I feel okay. I'm a little more worried about those people. It's the other things I worry about that's a long list of serious issues that have to be dealt with. I don't know how you are going to fix the economy this year. You can't put them in a base forecast. They are large items. I refer to them as tectonic plates moving around.
Kevin Warsh said he wants to make the Fed's balance sheet smaller. What does that mean for JPMorgan? What does it mean for a bank like yours because you have to keep money at the Federal Reserve?
I think he's right, the Fed shouldn't have to intervene every single time there's a kerfuffle in the markets. To do it, he's got to change some of the regulations, LCR and certain rules to give banks more flexibility. The important thing is, it's not deregulate for banks to make money and go bankrupt. I think you do it to make the system safer. I think he probably knows that. We give a lot of reports to the Fed about how it could be done. Secretary Bessent has spoken about it. The banks have so much capital and liquidity, it's a good question to say you can never use it again in your life. It's $1.2 trillion in basic cash and treasuries, can never use for productive purposes other than safety which is a good one but we could do other ones for more safety and we could intervene in the markets.
Everything is about policy. Look at the policy in New York and California. You have people leaving California because of the potential millionaire's tax. What do you want to say about Mamdani in New York?
Good policy is free. I feel like telling the politicians don't try to raise more taxes or spend more money. Sit down and fix policy and I think you can grow 1% faster. I believe that. And the public knows you can't get roads built or bridges...
Dimon, J. (2026, May 30). Jamie Dimon REVEALS what happened in closed-door meeting with Mamdani [Interview transcript]. Fox Business. CEOInterviews.AI. https://ceointerviews.ai/interview/949545/
MLA
Jamie Dimon. "Jamie Dimon REVEALS what happened in closed-door meeting with Mamdani." Fox Business, 30 May. 2026. Transcript, CEOInterviews.AI, https://ceointerviews.ai/interview/949545/.
BibTeX
@misc{dimon2026_949545,
author = {Jamie Dimon},
title = {Jamie Dimon REVEALS what happened in closed-door meeting with Mamdani},
howpublished = {Interview transcript, Fox Business. CEOInterviews.AI},
year = {2026},
month = {may},
url = {https://ceointerviews.ai/interview/949545/},
note = {Speaker-attributed transcript with timestamps}
}
