During a speech in Washington, DC in October 2024, JPMorgan Chase CEO Jamie Dimon stated that a recession is becoming highly likely for the US economy. Dimon attributed the recent stock market decline to tariffs, indicating that the global economy was already displaying signs of weakness even before the recent election. Dimon expressed concerns about the economic outlook, mentioning factors such as geopolitical tensions, significant fiscal deficits, and persistent inflation. He emphasized in his remarks to Fox Business that the impact of tariffs and trade issues contribute to the overall economic challenges. Dimon also warned in his annual shareholder letter about the potential for tariffs to impede growth and drive up inflation, highlighting the risks associated with stagflation - a situation characterized by weak growth and high inflation that could present challenges for monetary policy.