Jamie Dimon mentioned “America” more than 80 times in his 2026 annual letter to shareholders, laying out goals for improving the country’s infrastructure, military, and the American Dream. He also mentioned one word once that could jeopardize those very goals: “stagflation.”
The JPMorgan Chase CEO warned of the economic dangers of protracted foreign conflicts, including in Iran and Russia’s invasion of Ukraine. He thinks they could lead to a recession, which would reduce inflation. But he also fears a stagflationary outcome, combining recessionary elements with higher inflation.
