Jamie Dimon, CEO of JPMorgan Chase, spoke out Wednesday at a conference sponsored by Alliancebernstein Holdings about the upcoming economic storm.

Dimon exclaimed, “It’s like a hurricane.” The JPMorgan executive noted that while it is sunny right now, everything is fine and everyone believes the Fed can handle the situation.

The hurricane is coming right up the road. It’s not clear if this is a superstorm Sandy or a minor hurricane. You should be ready.

In May, JPMorgan’s chief executive said that there were “storm clouds.” He has since revised his forecast. He stated that he had warned of storm clouds. However, he added that they are large storm clouds and could be – it could become a hurricane. “JPMorgan is bracing itself and we’re going very conservative with our financial statements,” he stated.

Dimon is worried about several important issues. First, Dimon is concerned about several key issues. The Federal Reserve is expected reverse its emergency bond-buying program and shrink its balance sheets. Quantitative tightening (QT), is scheduled to start this month.

According to JPMorgan’s boss,

This is the first time we’ve ever seen QT this good, and you have something that you could use for history books for 50 years.

He said that central banks don’t have the option because there is too much liquidity in our system. They must remove some liquidity in order to stop speculation and reduce home prices.

Dimon is also concerned about Russia-Ukraine’s war and its effect on commodities such as food and fuel. Dimon warned that oil could reach $150-$175 per barrel.

The executive warned that wars can go terribly and have unintended consequences.

We are not taking the necessary actions to protect Europe against what’s happening to oil in the near future.

Bloomberg reported last month that Dimon said the Federal Reserve should have acted sooner to increase interest rates. Dimon admitted that he was concerned about the Fed starting to enter a recession.

There are a growing number of people who have warned about a recession in recent years, including Michael Burry , the Big Short investor, Allianz chief economic advisor Mohamed El Erian and Elon Musk , Tesla CEO.

Blackrock, the largest asset manager in the world, has recently stated that if they raise interest rates too high, they could trigger a recession. The risk of runaway inflation is if they don’t tighten enough