Jamie Dimon and Mark Zandi have highlighted separate structural risks that markets have largely overlooked. JPMorgan CEO Dimon says about 12 million U.S. small businesses, representing nearly $10 trillion in assets, will need new owners over the next 10 to 15 years, while JPMorgan’s report found only 8% of owners are fully prepared for succession. A Chase survey of about 1,000 owners found 70% remain in the early stages of planning or have no formal plan. Moody’s Analytics chief economist Zandi says the odds of a serious Federal Reserve policy mistake are uncomfortably high and rising. The Fed raised rates by 25 basis points on Wednesday to a 3.75%-4.00% target range and signaled another hike could come this year. Zandi argues that inflation above 3%, partly driven by energy prices and tariffs, cannot be resolved by higher rates without weakening borrowing and hiring. He also says the AI investment boom complicates the trade-off because policymakers may need to cool it or put more pressure on weaker parts of the economy. The source says markets are pricing further rate increases even as real GDP growth remains near potential at 2%. Investors exposed to U.S. growth, AI stocks and easy credit face risks if higher rates reveal broader weakness, while poorly managed business transfers could lead to failed sales, closures and lost jobs.