Jamie Dimon is warning that the US-Israeli war with Iran could lead to another round of persistent inflation and higher interest rates that could sink the US economy into a recession and redefine the global economic order.
“Then again, it may not,” Dimon hedged.
In his annual letter to shareholders, released Monday, the JPMorgan CEO painted a mostly rosy picture of the US economy going into 2026. The economy started the year with the wind at its back: Tax cuts and a deregulatory, pro-business agenda from President Donald Trump and congressional Republicans’ One Big Beautiful Bill will add $300 billion to the US economy this