JPMorgan Chase & Co CEO Jamie Dimon said that he can’t rule out that the U.S. economy will fall into stagflation as the country faces huge risks from geopolitics, deficits and price pressures, Bloomberg News reported Thursday.

In a Bloomberg Television interview from the lender’s Global China Summit in Shanghai, Dimon said, "I don’t agree that we're in a sweet spot."

He added that the U.S. Federal Reserve is doing the right thing to wait and see before it decides on monetary policy, as per the report.

Earlier this month, the Federal Reserve decided to hold interest rates steady but warned that the risks of higher inflation and unemployment had risen, further clouding the U.S. economic outlook as its policymakers grapple with the impact of U.S. President Donald Trump's tariffs.

"I think the chance of inflation going up and stagflation is a little bit higher than other people think," Dimon had previously said.