JPMorgan Chase CEO Jamie Dimon on Friday warned investors about current risks to the global economy and pointed to “critical issues” facing the U.S., in particular.
“We have been closely monitoring the geopolitical situation for some time, and recent events show that conditions are treacherous and getting worse,” Dimon said in a press release accompanying JPMorgan’s third-quarter earnings. “There is significant human suffering, and the outcome of these situations could have far-reaching effects on both short-term economic outcomes and more importantly on the course of history.”
“Additionally, while inflation is slowing and the U.S. economy remains resilient, several critical issues remain, including large fiscal deficits, infrastructure needs, restructuring of trade and remilitarization of the world,’ Dimon continued. “While we hope for the best, these events and the prevailing uncertainty demonstrate why we must be prepared for any environment.”
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The JPMorgan chief has warned repeatedly that the U.S. needs to get its fiscal house in order before the nation’s budget shortfalls result in a crisis.
Earlier this year, Dimon sounded the alarm that the U.S. is driving toward a cliff as its debt snowballs, and said “the worst outcome” for the country is stagflation, adding, “And by the way, I wouldn’t take it off the table.”
JPMorgan Chase is the largest bank in the U.S., with $3.5 trillion in assets, according to the Federal Reserve. Its stock is up nearly 30% year to date.
FOX Business’ Jasmine Baehr contributed to this report.
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