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

(Reuters) -JPMorgan Chase & Co CEO Jamie Dimon said that he can’t rule out that the U.S. economy will fall into stagflation as the country faces huge risks from geopolitics, deficits and price pressures, Bloomberg News reported on Thursday.

JPMorgan Chase & Co. created a unit aimed at guiding clients through geopolitical risk, which Chief Executive Officer Jamie Dimon has said dwarfs any other concern throughout his career. The biggest US bank launched its “Center for Geopolitics” Wednesday with research on Russia and Ukraine,

Last year at JPMorgan Chase’s investor day Dimon said that the timetable for his departure was “less than five years.” When asked Monday how many more years he would remain as CEO, Dimon said: “The intent is the same as last year.

The boss of Wall Street’s biggest bank fears that extreme complacency crept into the market as investors shook off last month’s tariff scare. Wall Street strategists say he might be on to something.

JPMorgan has been in growth mode for several years. With market volatility and the rise of AI, leaders want to get more from less.

The bank says it is ‘positioned to deliver strong returns’ in the face of heightened macro uncertainty at its 2025 Investor Day.

JPMorgan Chase said on Monday that it could earn more from interest payments this year despite significant economic uncertainty. Chief Financial Officer Jeremy Barnum told investors that net interest income -- the difference between what the bank pays customers on deposits and earns from interest payments -- could rise by $1 billion this year.