Jamie Dimon says markets underestimate risks and he wouldn't buy stocks or Treasurys at current prices - CNBC

JPMorgan Chase CEO Jamie Dimon said investors are underestimating the risks facing the global economy and that he wouldn't buy either equities or long-dated U.S. Treasurys at their current prices.

In an hourlong interview with Wilfred Frost released late Monday, Dimon said markets aren't fully accounting for a growing list of geopolitical and fiscal threats.

"I do think those risks are probably bigger than other people think," Dimon said, pointing to wars in Ukraine and the Middle East, tensions between the U.S. and China, and rising military spending in a time of mounting government deficits.

Asked whether markets are underpricing the chance of a major shock, Dimon said it's difficult to know exactly what risks are already reflected in asset prices.

"It's possible something's baked in, but what's not baked in is what actually happens," he said.