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The head of the largest bank in the US says he’s concerned about “significant uncertain forces” brewing on the global stage.

In the firm’s first-quarter earnings results, JPMorgan CEO Jamie Dimon says persistent inflation and new, violent conflicts are his two top concerns as Q2 begins.

“Many economic indicators continue to be favorable. However, looking ahead, we remain alert to a number of significant uncertain forces. First, the global landscape is unsettling – terrible wars and violence continue to cause suffering, and geopolitical tensions are growing.

Second, there seems to be a large number of persistent inflationary pressures, which may likely continue.

And finally, we have never truly experienced the full effect of quantitative tightening on this scale. We do not know how these factors will play out, but we must prepare the Firm for a wide range of potential environments to ensure that we can consistently be there for clients.”

On a call with reporters, Dimon said he thinks markets are probably “too happy,” and the odds of a major market pullback and stalled economy are “higher than other people think.”

Dimon also touched on Russia’s war with Ukraine, stating its outcome “could be determinative on what happens to the global economy” if the cost of gas and oil gets out of control.

JPMorgan’s stock dropped 6.4% on Friday after reporting a net interest income of $23.1 billion in Q1. That’s a 4% drop from the previous quarter.

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