JPMorgan Chase CEO Jamie Dimon On Wednesday, he called U.S. stocks inflationary and said he was feeling more cautious than others in the business community because of the risks of deficit spending, inflation and geopolitical instability.

“Asset prices are a little bit elevated by any measure. They’re at historical valuations,” Dimon said during a briefing with CNBC’s Andrew Ross Sorkin the top 10% or 15%”. world economic forum In Davos, Switzerland.

Dimon said he was specifically talking about U.S. stocks, which are in the midst of a multi-year bull market. The S&P 500 rose by more than 20% for two consecutive years in 2023 and 2024, the first time in 25 years. Last year, Dimon even called his stock own company Expensive.

But Dimon also pointed out that some bond markets, including sovereign debt, are “at all-time highs.”

“So, yes, prices have gone up and you need pretty good results to justify those prices,” Dimon said. “Having strategies that promote growth can help achieve this, but there are downsides that can often surprise you.”

Dimon, 68, is one of the most respected voices in finance, having built JPMorgan into the largest U.S. bank by a number of measures, including assets and market valuation.

He has been issuing warnings since 2022, when he said “hurricaneThe storm is yet to come, however, as the U.S. has outperformed expectations in recent years and the election of Donald Trump in November has boosted hopes that pro-growth governments will take action.

“I do feel more cautious on a range of issues,” Dimon said on Wednesday. “I’m somewhat cautious about deficit spending; this is a global issue, not just a U.S. issue,” he said. “And the related (question), ‘Will inflation go away?’ I’m not so sure.”

Dimon said escalating global conflicts, including the war in Ukraine, tensions in the Middle East and the growing threat from China, “make me very concerned about how it will affect our world for the next 100 years.”

In the wide-ranging interview, Dimon expressed his tariff He imports goods to the U.S. if they enhance national security, saying he and tech entrepreneurs Elon Musk have Smoothed Previously contentious relationships. Dimon also said he has no intention of running for office in 2028.