# JPMorgan Chase CEO warns of the economic dangers of protracted foreign conflicts.

*business · news · 2026-04-06 · Fortune*

## Key points

- JPMorgan CEO Jamie Dimon warns that prolonged foreign conflicts could trigger stagflation in the U.S.
- Dimon specifically highlights the risk of inflation rising slowly by 2026, causing higher rates and asset drops.
- Morningstar's Preston Caldwell argues stagflation fears are overblown due to the U.S.'s reduced petroleum dependence.
- Caldwell now forecasts U.S. personal consumption inflation at 3.6% for 2025, up from earlier estimates.
- OECD warns U.S. inflation could reach 4.2%, higher than recent Bureau of Labor Statistics figures.

**Companies:** JPMorgan Chase, Morningstar
**Countries:** Iran, Russia, United States

[Read the full story on Fortune](https://fortune.com/2026/04/06/jamie-dimon-jpmorgan-chase-recession-stagflation-fears-iran-war/)

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