JPMorgan Chase CEO warns that inflation, horrific wars and violence are ‘significant and uncertain forces’ in new outlook.

The head of America’s largest bank said he was concerned about “significant and uncertain forces” looming on the global stage.

In the company’s first-quarter earnings results, JPMorgan CEO Jamie Dimon said persistent inflation and new, violent conflicts were his two main concerns as the second quarter began.

“Many economic indicators continue to be favorable. However, going forward, we remain alert to a number of important uncertain factors. First, the global environment is unstable. Terrible wars and violence continue to cause suffering and geopolitical tensions are growing.

Second, there appear to be a number of persistent inflationary pressures, which are likely to continue in the future.

And finally, we have never really experienced the full effects of quantitative tightening on this scale. We don’t know how these factors will play out, but we need to prepare our company for a variety of potential environments so we can be consistently present for our customers.”

On a call with reporters, Dimon said he thinks the markets are probably “too happy” and that the chances of a major market decline and economic stagnation are “higher than others think.”

Dimon also touched on the war between Russia and Ukraine, saying that if gas and oil prices get out of control, the outcome “could have a decisive impact on what happens to the global economy.”

Shares of JPMorgan fell 6.4% on Friday after the company reported net interest income of $23.1 billion in the first quarter. This is a 4% decrease from the previous quarter.

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