Jamie Dimon said he can’t rule out the possibility of stagflation as the US grapples with huge risks from geopolitics, deficits and price pressures.

JPMorgan Chase CEO Jamie Dimon said markets and central bankers underappreciate the risks created by record U.S. deficits, tariffs and international tensions.

Jamie Dimon, CEO and chairman of JPMorgan Chase, sounded alarm bells about the dangers to our financial markets. He offered these reflections at the bank’s annual investor day confab in New York, illustrating the strains being faced by the top bank in the United States by assets.