JPMorgan Chase & Co. CEO Jamie Dimon says geopolitics in light of Russia's invasion in Ukraine is the biggest risk is a much larger risk than high inflation or a U.S. recession.
Dimon suggested that Eastern Europe was the epicentre of risk, with the war in Ukraine straining relationships between economic superpowers.
"We have dealt with inflation before, we dealt with deficits before, we have dealt with recessions before, and we haven't really seen something like this pretty much since World War II," Dimon said. Jamie Dimon, Chairman of the Board and Chief Executive Officer of JPMorgan Chase & Co., gestures as he speaks during an interview with Reuters in Miami, Florida, U.S., February 8, 2023.CEO Jamie Dimon says geopolitics after Russia's invasion in Ukraine is the biggest risk, larger than high inflation or a U.S. recession.signaled that interest rates will likely remain higher for longer, in order to bring inflation sustainably back down to its 2% target.
Speaking to CNBC TV-18 in India on Tuesday, Dimon said people should "be prepared for higher oil and gas prices, higher rates, as a matter of just being prepared," but that the U.S. economy will likely get through any turbulence. However, the war in Ukraine has polarized global powers and"I think the geopolitical situation is the thing that most concerns me, and we don't know the effect of that in the economy," he added.
"I think that the humanitarian part is far more important. I think it's also very important for the future of the free democratic world. We may be at an inflection point for the free democratic world. That's how seriously I take it.
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