JPMorgan Chase CEO Jamie Dimon has issued a dire warning about the global economy, raising concerns about the potential impact on food supplies, energy, and the economy. He cited the war in Ukraine and attacks by the terrorist group Hamas in Israel as major factors contributing to these concerns.

Dimon expressed his apprehension that these global conflicts would have “far-reaching impacts on energy and food markets, global trade, and geopolitical relationships.” He described the current times as potentially the most dangerous the world has seen in decades.

In addition to these conflicts, Dimon pointed to challenges in the labor market and high government debt levels. He highlighted the largest peacetime fiscal deficits ever, which he believes increase the risks of both inflation and high-interest rates.

Furthermore, Dimon raised concerns about the Federal Reserve’s quantitative tightening campaign, emphasizing that the long-term effects remain unclear. The Fed has significantly raised interest rates in an effort to combat persistent high inflation, with 11 rate hikes in just one year.

Despite these concerns, JPMorgan reported a 35% increase in its third-quarter profit to $13.15 billion, driven by rising interest rates. Revenue also saw significant growth, reaching $39.87 billion, up from $32.7 billion a year ago, exceeding analysts’ expectations.

“Currently, U.S. consumers and businesses generally remain healthy, although, consumers are spending down their excess cash buffers,” Dimon said.

“While we hope for the best, we prepare the [bank] for a broad range of outcomes so we can consistently deliver for clients no matter the environment.”