JP Morgan CEO Jamie Dimon says the economy has become more resilient, but faces different risks than in 2010.

Jamie Dimon, CEO of JPMorgan Chase, stated in a shareholder letter that many factors in the global economy and financial system are significantly different from 2010, with some changes enhancing resilience while others bring new risks. He mentioned that compared to 20 years ago, the global economy is much larger, more diverse, and less reliant on energy as an input. At the same time, global debt and equity markets, deficits, many non-bank financial institutions, and investors are all much larger. A significant amount of US treasuries are also not held by foreign central banks. Dimon said, "Changes in market sentiment can easily affect global capital flows into securities, including flows into US treasuries." He also noted that broker-dealers hold a much smaller proportion of inventory in investments, hence their ability to act as intermediaries in times of extreme market volatility is weaker than ever before.