While many individuals are expressing concern over the possibility of a recession, Jamie Dimon, the CEO of JPMorgan, is more focused on other global threats, as revealed in an interview with The Economist released on Tuesday.

Dimon predicted that American households would deplete their pandemic-related savings by the end of this year, potentially leading to a decline in consumer spending and an economic slowdown. However, he emphasized that the rise in wages, home values, and stock prices over the past decade to 15 years could mitigate the impact of an economic downturn.

He stated that even in the event of a recession, consumers and businesses are well-positioned to weather the challenges. Dimon defended his previous warning about gathering "storm clouds" last spring, citing the historical surge in inflation, stock market volatility, and the effective closure of the IPO market. He acknowledged that the U.S. economy might still encounter significant hurdles, but he also indicated that he has more significant concerns on his radar.