Jamie Dimon shrugs off inflation concerns but says he worried about stagflation risks

Summary

Jamie Dimon shrugs off inflation concerns but says he worried about stagflation risks JPMorgan Chase CEO Jamie Dimon said on Tuesday he is not worried about inflation, but added among the worst-case scenarios for the economy is the risk of stagflation. “The worst case is stagflation, and I just wouldn’t take it off the list,” he said during a conference organized by the Norwegian sovereign wealth fund. “And my view is that there are a lot of inflationary things out there, including the Iran War, the re-militarization of the world, the infrastructure needs of the world, and our deficits.” Dimon had warned in his shareholder letter on April 6 that the war in Iran risks oil and commodity price shocks that could keep inflation sticky and push interest rates higher than the market now expects. Dimon said on Tuesday he is not worried about the US economy, but added the risk of a cyber attack and geopolitics, including the wars in Iran and Ukraine, are two of the biggest risks for the economy. “The bad guys can use cyber and they’re going to get stronger, more powerful in terms of finding vulnerabilities,” he said. When asked if he would seek the US presidency in the future, Dimon, who has been JPMorgan CEO for two decades, joked it was too late for him. “If you were to anoint me, I’d be happy to do it. But there’s no way I’d get through primaries, and plus I love what I do.” There has been speculation in the past about Dimon’s potential presidential run, though he has always brushed it aside.