The United States could be on the verge of another recession, says JPMorgan Chase CEO Jamie Dimon.
The businessman, 69, said in a Wednesday interview with Bloomberg Television that government spending, inflation, and Trump’s trade wars could lead to an economic downturn as early as 2026.
“I hope for the best, plan for the worst,” said Dimon when asked about a potential recession. “You don’t wish it, because certain people get hurt, but it could happen in 2026.”
The same day, Dimon told the BBC that he was “far more worried than others” about the U.S. weathering a stock market correction. He estimated there is “about a 30 percent chance” that one occurs in the next six months to two years.
In several interviews on Wednesday, Wall Street’s most powerful banker repeatedly described himself as “nervous about inflation” and cited government spending and “geopolitical issues” as his main sources of concern.
Dimon said he was especially concerned about the impact of Trump’s international tariffs, warning that “The level of uncertainty should be higher in most people’s minds than what I would call normal.”
The JPMorgan CEO also slammed the ongoing government shutdown, saying that while he doesn’t think it will have a long-term impact on the economy, “It’s just a bad idea.”
“I don’t care what the Democrats or Republicans say, it’s a bad idea,” Dimon told Bloomberg. “It’s not a way to run a railroad.”
Dimon has frequently vocalized his fear that Trump’s tariff policies could lead to dire economic consequences for the U.S.
In April, the CEO told Fox Business News that the U.S. would face “steep economic turbulence” as a result of Trump’s trade war with China, warning that the S&P 500 could fall even further than analysts predicted as a result of the tariffs.
The same month, Dimon warned JPMorgan Chase shareholders that Trump’s tariffs could cause rising inflation and “increase the possibility of a recession.” Dimon reiterated those concerns on Wednesday, repeatedly saying he was “nervous about inflation not coming down.”
Dimon’s concerns come after a public schism between the two Queens-born businessmen. Shortly after the 2024 election, Trump took to Truth Social to say that while he “respect[s]” Dimon, he would not be nominating him to a Cabinet position.
The CEO later responded, saying that while he appreciated the shout-out, “I haven’t had a boss in 25 years and I’m not about ready to start.”
However, Dimon began meeting with Trump in private over the summer to discuss his concerns, according to the Wall Street Journal. The CEO reportedly visited the White House twice, and met with Trump, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick to discuss tariffs, the affordable housing crisis, and Federal Reserve rates.
Discussing their current relationship, Dimon told Bloomberg that he doesn’t speak to the president on a regular basis, but had “spoken to him a couple of times.”
Dimon also said he would take Trump “at his word” that he will allow the Federal Reserve to remain independent amid his ongoing battle with Chairman Jerome Powell. However, Dimon warned that interfering with the Fed’s activity could create yet another risk factor for the already delicate national economy.
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