Part 4/13:
This contradiction isn’t new. Back in 2018 and 2019, Dimon issued similar warnings about rising yields, advocating for preparedness for 4%—and even 5%—Treasury rates. At the same time, JP Morgan was accumulating Treasury holdings in record amounts. For instance, in mid-2018, the bank reported holdings of around 68 billion dollars, which increased to over 172 billion by mid-2019—a 253% increase during a time when the market was supposed to be worried about inflation and rising rates.