The nation’s top banker dropped a bombshell prediction should the country continue with the inflationary policies of the Biden-Harris regime under a Harris-Walz administration.

JPMorgan Chase CEO Jamie Dimon stated on Tuesday that although he is increasingly confident that inflation is easing from its peaks, he would not completely dismiss the possibility of stagflation, which would be worse than a recession.

“I would say the worst outcome is stagflation — recession, higher inflation,” Dimon said at a fall conference from the Council of Institutional Investors in Brooklyn, New York. “And by the way, I wouldn’t take it off the table.”

The CEO of the largest U.S. bank made these remarks as investors shift their focus to signs of slowing economic growth. Recent data indicate that inflation is trending toward the Federal Reserve’s 2% target, yet reports on employment and manufacturing show some signs of weakening, CNBC reported on Friday.

Investors will receive further crucial information this week, with the consumer price index set to be released on Wednesday and the producer price index on Thursday.

Dimon expressed concern that upcoming inflationary pressures, including higher deficits and increased infrastructure spending, could continue to strain an economy already grappling with the effects of elevated interest rates. “They’re all inflationary, basically in the short run, the next couple of years,” Dimon said. “So, it’s hard to look at [it] and say, ‘Well, no, we’re out of the woods.’ I don’t think so.”

The bank leader has previously warned about a potential economic slowdown. In August, he estimated the likelihood of a “soft landing” at around 35% to 40%, indicating that a recession is the more likely outcome.

David Solomon, the influential Wall Street executive whose research was referenced during Tuesday night’s presidential debate, criticized Harris for using Goldman Sachs’ report to unfairly suggest that her policies would lead to a stronger economy. Although Harris frequently criticizes major banks like Goldman Sachs, she cited a recent report suggesting that her economic policies would slightly improve economic growth, though the effect would be minimal in the long run.

Solomon pointed out that Harris omitted this critical detail when asked if he watched the debate. “I think a lot more has been made of this than should be,” he told CNBC host Scott Wapner.

“What it did is look at a handful of policy issues that have been put out by both sides, and it tried to model their impact on GDP growth… What it showed is the difference between the sets of policies they put forward is about two-tenths of one percent,” Solomon added.