During an interview, JPMorgan’s CEO Jamie Dimon discussed the state of the U.S. economy stating that currently businesses are still in good shape and consumer spending is still high but that household excess savings are expected to run out in 2023.

Dimon stated that inflation is hampering businesses and households:

“Inflation is eroding everything I just said, and that $1.5 trillion will run out sometime mid-year next year,” Dimon said during an interview on CNBC. “When you are looking that forward, those things very well may derail the economy and cause this mild to severe recession that people are worried about.”

For months now, Dimon has been warning about the economic situation in the U.S., once stating that the country was headed for an “economic hurricane” due to the actions the Federal Reserve is taking, inflation and the war in Ukraine. 

Dimon said he does not believe “we’ve seen that kind of turmoil in the global world for a long a while,”.

Clarifying his earlier comments, Dimon said: “What I said about a hurricane, I said those storm clouds could mitigate,”.

“It could be a hurricane. We simply don’t know. As a risk manager, I prepare for both, but I’m not guessing which one’s going to happen.”