Jamie Dimon said the bull market “will stop” even as North American stocks keep trading near record highs. The CEO of JPMorgan Chase delivered the warning at a Council on Foreign Relations event on June 15, saying the market is “like a little tsunami.”
“When that kind of thing happens, it's very hard to stop. But it will stop,” he said. For investors with RRSPs and TFSAs, the warning lands while equity values remain elevated and losses, if they come, would hit the stock-heavy portion of those accounts first.
Dimon’s June 15 warning
Jamie Dimon said at the Council on Foreign Relations event that he is surprised by how relaxed investors have been, given tensions involving Iran, Russia and China. He said: “I am surprised... that stuff is really important for the free world, but it's not necessarily the economy today,”
He also pointed to roughly US$700 billion in AI-related spending from the largest technology companies, a near 4.3% unemployment rate, and economic growth running around 2% in early 2026. That combination helps explain why the bull market has kept going even with geopolitical stress in the background.
35,629.89 on the TSX
35,629.89 was the intraday high for the S&P/TSX Composite Index on June 17, 2026, two days after Dimon’s warning. The index was also up more than 31% year-over-year, a pace that shows how much of the rally had already been priced in before his comments.
9% is how much the S&P 500 has risen since the start of the U.S.-Iran conflict, while the Nasdaq is up about 15% over the same span. Dimon said, “I do think the probability of something bad happening is higher than I think it's probably embedded in the market,” a line that points to risk not yet reflected in valuations.
RRSPs and TFSAs
2.25% is the overnight rate held by the Bank of Canada after a cut from 5.0% in October 2025. Canada then slipped into a technical recession in early 2026, with GDP shrinking for two consecutive quarters before showing signs of recovery in April.
For RRSPs and TFSAs, the practical takeaway is portfolio mix, not panic. Accounts tilted toward equities would feel a reversal faster than cash or short-duration holdings, while investors relying on the current rally for near-term spending may want to check how much of their balance is tied to the same stocks driving the indexes higher. Dimon did not say when the bull market will end, only that it will.
