Jamie Dimon, CEO of JPMorgan, and Mark Zandi, chief economist at Moody’s Analytics, two influential voices on Wall Street, issued warnings this week that markets have largely ignored. Dimon flags a massive transfer of small-business ownership: around 12 million US businesses, representing nearly $10 trillion in assets, are expected to change hands over the next 10 to 15 years, while only 8% of owners say they are fully prepared for this transition. Zandi warns that the Federal Reserve could make a « serious policy mistake » as inflation above 3% is partly driven by energy prices and tariffs, factors beyond the Fed’s reach. Both warnings point to concentration risk: investors heavily exposed to US growth, AI stocks and easy credit could face sharper losses if higher rates expose weakness elsewhere.
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