Nearly a year after identifying geopolitics as the planet's most significant threat, JP Morgan CEO Jamie Dimon has once again raised concerns about the escalating global situation.
In an exclusive interview with CNBC during his visit to India, Dimon emphasized his focus on geopolitical issues, noting their potential impact on the global economy.
"The geopolitical situation is deteriorating," stated the CEO of the American bank, highlighting the increased risk of disruptions in energy supply.
"We're already dealing with multiple conflicts. The consequences could be dire if more countries become involved," he remarked, referencing recent attacks by Yemen's Houthi rebels in the Red Sea.
Dimon expressed that geopolitical instability remains his "biggest concern" and advised the US to brace for an extended conflict between Ukraine and Russia.
CNBC highlighted that Dimon's recent warnings come nearly a year after he labeled geopolitics as the foremost global risk, following the Ukraine war—a threat he considered more daunting than inflation or a potential US recession.
Regarding recent developments in the US economy and market expectations, especially after the Federal Reserve's interest rate cut of 50 basis points last week, Dimon conveyed his cautious outlook.
"While I am optimistic about the long-term, I hold a more pessimistic view in the short-term compared to those who predict a bright future. Markets are pricing as if everything will turn out well. I remain on the cautious side regarding this," he concluded.