JPMorgan CEO Jamie Dimon's Warning on Rates | The Pulse 5/21

Watch on YouTube ↗  |  May 21, 2026 at 11:41  |  48:14  |  Bloomberg Markets
Speakers
Jamie Dimon — CEO, JPMorgan Chase
Beata Manthey — Head of European Equity Strategy, Citi
Daniel Tannebaum — Partner, Global Anti-Financial Crime Practice Leader, Oliver Wyman
Richard Madden — European Executive Chairman, DC Advisory

Summary

The episode covers Nvidia's earnings beat, Jamie Dimon's warning that interest rates could go much higher, European equity strategy from Citi, AI's impact on jobs, geopolitical tensions in the Middle East, and private equity exit challenges. Beata Manthey favors European equities with upside and sees FTSE 100 as a defensive hedge. The show also discusses SpaceX's IPO filing and the latest on Iran-U.S. tensions.

  • Nvidia beats earnings but shares fall as expectations were sky-high.
  • Jamie Dimon warns interest rates could climb much higher from current levels.
  • Citi's Beata Manthey sees 5% upside in European equities, driven by energy and earnings growth.
  • Manthey recommends FTSE 100 as a geopolitical hedge and diversifier.
  • She warns that a Middle East ceasefire could spark a squeeze in European equities.
  • EasyJet reports no fuel supply issues despite Middle East tensions.
  • Daniel Tannebaum discusses risks of Iran shutting the Strait of Hormuz.
  • Private equity faces exit challenges; AI-proof businesses seen as attractive M&A targets.
Trade Ideas
Jamie Dimon CEO, JPMorgan Chase 6:26
Rates will go much higher.
Interest rates could climb much higher from current levels, meaning bond prices will fall. This is a warning to bond investors that the selloff may continue.
TLT HIGH
Beata Manthey Head of European Equity Strategy, Citi 9:45
European equities have 5% upside.
European equity index can still move 5% higher because EPS growth is rising (driven by energy and narrow sectors) and earnings season was strong, offsetting cyclical drags.
VGK MED
Beata Manthey Head of European Equity Strategy, Citi 12:51
Long FTSE 100 as hedge.
FTSE 100 is a good diversifier and geopolitical hedge, isolated from domestic political noise, and benefits from a weaker pound due to its international earnings exposure. Prefer FTSE 100 over FTSE 250.
EWU HIGH
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This Bloomberg Markets video, published May 21, 2026, features Jamie Dimon, Beata Manthey discussing TLT, VGK, EWU. 3 trade ideas extracted by AI with direction and confidence scoring.

Speakers: Jamie Dimon, Beata Manthey  · Tickers: TLT, VGK, EWU