JPMorgan Chase & Co.’s chief executive, Jamie Dimon, came out on Monday with another warning about the bond market that some observers said could prompt more investors to look around the world and at other asset classes for protection.

A credit crunch could be brewing as bond market stress threatens small business lending, job stability, and economic growth.

Jamie Dimon warned that a crack in the bond market is “going to happen” after the US government and Federal Reserve “massively overdid” spending and quantitative easing.