Dimon’s stance is because of the ultralow interest-rate regime prevailing throughout the globe, including subzero rates, to the tune of some $17 trillion.

Bond prices rise as yields falls.

The 10-year Treasury note TMUBMUSD10Y, 0.940% has been attempting to scale toward a yield of 1% but has been beaten back persistently, as investors pile into sovereign debt spurred by a host of worries that have dogged markets, including the recession-inducing COVID-19 pandemic and the trillions of dollars in deficit-ballooning spending deployed to limit the global economic damage.

Equity markets across the globe have rebounded mightily from their lows in March, but bonds remain richly priced by some measures, holding yields at uncharacteristically low levels despite the rally in stocks.

The S&P 500 index SPX, +0.28% closed at its 30th record high of 2020 on Tuesday, and the Nasdaq Composite Index COMP, +0.50% delivered its 50th record high this year, as the Dow Jones Industrial Average DJIA, +0.35% notched the second-highest finish in its history.

Still, Treasurys remain pinned lower for the time being, even as worries about a surge in inflation are surfacing.

″There may be a bubble in small parts of the stock market, not all of it,” Dimon said.