Jamie Dimon, CEO of JPMorgan Chase, said the economy is facing unprecedented challenges due to tight monetary policy and the war in Ukraine.

Dimon made evaluations about the economic outlook at a conference he attended. Dimon likened these challenges to a ” hurricane ” by explaining that the economy is facing unprecedented challenges, including tight monetary policy and the war in Ukraine.

Stating that JPMorgan Chase is preparing for this, Dimon noted that the bank will be very conservative about its balance sheet. Noting that the Fed should raise interest rates due to inflationary pressures, Dimon said that he thinks the US banking system can withstand these difficulties. “They don’t have any other options because there’s too much liquidity in the system.”