Welcome to Markets Desk, your midday read on what's moving money and markets.
Jamie Dimon made waves this morning with a blunt assessment of U.S. government debt — the JPMorgan chief said flatly he wouldn't buy Treasurys, telling reporters he simply doesn't understand the upside. That's a striking statement from the head of one of the nation's primary dealers, the firms obligated to bid at every Treasury auction, and it lands at a moment when bond market sentiment is already fragile.
Staying in Washington, Kevin Warsh faced lawmakers today in testimony that drew close attention from rate traders. With markets currently pricing roughly an eighty-six percent chance the Fed holds rates at its next meeting, Warsh's remarks carry real weight — any signal of flexibility on the inflation outlook could shift those odds quickly and reprice short-duration debt across the curve.
And in the IPO market, Jersey Mike's is officially on the road, pitching investors on a valuation that could reach eight times the market cap of Sweetgreen. The sandwich chain is offering forty-three and a half million Class A shares at twenty-one to twenty-five dollars apiece — a bold ask that will test whether public markets still have appetite for franchise growth stories at premium multiples.
That's the tape. Markets Desk, signing off the floor.
