JPMorgan CEO says not worried about inflation, warns stagflation remains a risk

JPMorgan Chase CEO Jamie Dimon said on April 28 that he is not worried about inflation, but he still sees stagflation as a risk and expects several geopolitical and structural pressures to keep price risks alive.

Reuters reported that Dimon made the comments at a conference organized by Norway’s sovereign wealth fund. He said the economy faces inflationary pressure from geopolitics, cyber risk, deficits, re-militarization and infrastructure needs.

The remarks soften the near-term inflation alarm without dismissing the broader risk picture. Dimon’s view is consistent with JPMorgan’s April 6 shareholder letter, which warned that the war in Iran could keep inflation sticky and push interest rates higher.

That letter is important context because it shows Dimon has been warning about price pressures even while sounding less concerned about an immediate inflation surge. The new comments suggest he sees inflation as manageable for now, but not immune to external shocks.

For markets, the message is that a calmer inflation backdrop does not eliminate the possibility of another price spike if geopolitical conditions worsen. Dimon’s warning also keeps attention on whether the current disinflation trend can survive a more volatile global environment.

The immediate takeaway is simple: Dimon is not sounding an inflation alarm today, but he is not taking the risk off the table.