Jamie Dimon, Chairman and Chief Executive Officer (CEO) of JPMorgan Chase & Co. (JPM), delivered a speech at the Economic Club of New York in Manhattan, New York City, USA on April 23, 2024.
Fresh Mike | Reuters
A year after Jamie Dimon named geopolitics as the world's biggest risk JPMorgan ChaseCEOs are once again sounding the alarm, warning that global stability is getting worse.
Dimon said during his visit to India Exclusive interview “My caution is all about geopolitics, which may determine the economic situation,” he said on the CNBC-TV18 program on Tuesday.
“Geopolitics is getting worse and not getting better. Energy supplies can have accidents. God knows if other countries will get involved. There are a lot of wars going on right now,” he said before mentioning attacks in Yemen. There have been incidents in the Red Sea region.
The Houthis have attacked at least two crude oil tankers this month, according to the U.S. military.
Dimon said geopolitical instability “is my biggest warning.” He also urged the United States to prepare for a protracted war between Ukraine and Russia.
The interview comes a year after Dimon called geopolitics in the wake of Russia's invasion of Ukraine what he sees as the biggest risk facing the world, bigger than high inflation or a U.S. recession.
After a long period of sticky inflation, the Federal Reserve slashed interest rates last Wednesday for the first time since March 2020.
But Dimon expressed doubts about the U.S. economy and market pricing.
“I'm a long-term optimist, but in the short term I'm also skeptical of other people saying things are going to be great. The market is pricing things like they're going to be great. I'm cautious about that. Attitude,” he said.