Jamie Dimon predicts the bull market ‘will stop’

Jamie Dimon predicts the bull market ‘will stop’ — and Canadian investors with RRSPs and TFSAs should take note

Most investors know that bull markets don't last forever. But when the head of the world's most powerful bank says "it will stop" — while global geopolitical tensions keep building — it's worth paying attention, especially if you have money in a Registered Retirement Savings Plan (RRSP) or Tax-Free Savings Account (TFSA).

Jamie Dimon, CEO of JPMorgan Chase (JPM), made waves in June 2026 when he described the current bull run (1) as a force nearly impossible to contain. "We're in a bull market. It's like a little tsunami," he said at a Council on Foreign Relations event on June 15. "When that kind of thing happens, it's very hard to stop. But it will stop."

His warning came at a time when North American stock markets have been climbing to record highs despite a long list of serious concerns — a war in the Middle East, spiking oil prices and rising tensions between Russia and China. And it hits close to home for Canadian investors: The S&P/TSX Composite Index hit a record intraday high (2) of 35,629.89 on June 17, 2026, up more than 31% year-over-year. If Dimon is right, what happens to your RRSP and TFSA when the tension breaks?

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What caught Dimon off-guard about the economy

Dimon acknowledged that several powerful forces have kept markets climbing. He pointed to roughly US$700 billion (C$972 billion) in AI-related spending from the largest technology companies, a U.S. unemployment rate near 4.3%, and economic growth running around 2% in early 2026.

But Dimon said he's been caught off-guard by how relaxed investors have been, given how unstable the world is right now. He pointed to ongoing tensions with Iran, Russia and China as forces that matter enormously for the free world — even if they aren't hurting the economy today. "I am surprised... that stuff is really important for the free world, but it's not necessarily the economy today," he said.

The U.S.-Iran conflict, in particular, led to the closure of the Strait of Hormuz (3) — a critical shipping route that handles about 20% of the world's oil supply — blocking the movement of oil, fertilizers and other energy products and pushing commodity prices significantly higher. For nearly four months, financial markets mostly ignored it.