JPMorgan Chase's Jamie Dimon warned that a war with Iran could push up inflation and interest rates.

JPMorgan Chase CEO Jamie Dimon warned on Monday of the risk of a war with Iran that could shock oil and commodity prices, potentially leading to persistent inflation and higher-than-expected interest rates. The warning was issued in the company's annual letter to shareholders. "The challenges we face are enormous," Dimon said, citing geopolitical risks such as the Russia-Ukraine conflict and broader hostilities in the Middle East. "Now, due to the war with Iran, we also face the possibility of continued large swings in oil and commodity prices, and a reshaping of global supply chains, which could lead to more stubborn inflation and ultimately higher-than-expected interest rates." Dimon said time will tell whether the war with Iran has achieved U.S. objectives, adding that nuclear proliferation remains the greatest danger from Iran. Dimon also stated that the U.S. economy continues to be resilient, with consumers still earning and spending, albeit with recent weakness, and businesses remaining healthy. However, he cautioned that large government deficit spending and past stimulus policies have driven economic growth, and that increased infrastructure spending remains a growing need. (Jinshi)