Jamie Dimon, the CEO of JPMorgan Chase, has expressed caution about the future of the U.S. economy in the years 2024 and 2025. In an interview with CNBC at the World Economic Forum in Davos, Switzerland, Dimon highlighted several powerful forces that could impact the economy.

Dimon pointed to a combination of financial and geopolitical risks that could affect the U.S. economy in the coming years. He specifically mentioned concerns about events such as the situation in Ukraine, terrorist activity in Israel, and the Red Sea, as well as the concept of quantitative tightening, which refers to the Federal Reserve’s efforts to reduce its balance sheet and rein in previous bond-purchasing programs.

Despite JPMorgan’s record profits and a resilient U.S. economy, Dimon has consistently advocated for caution. He emphasized that the buoyant stock market in recent months has potentially obscured the risks ahead. While the S&P 500 market index has seen significant growth, Dimon warned against assuming that everything is favorable, urging investors to remain cautious.

Goldman Sachs CEO David Solomon also expressed concerns about the U.S. economy, particularly related to the soaring levels of U.S. debt. Solomon highlighted the need to address and reckon with the growing debt as a significant risk issue.

Both Dimon and Solomon’s remarks reflect a sense of apprehension about the future economic landscape, despite the current positive market environment. Their cautionary statements serve as a reminder for investors and policymakers to remain mindful of potential risks and challenges that may lie ahead.