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JPMorgan Chase CEO Jamie Dimon on Thursday summarized the state of the U.S. economy in one paragraph, and it looks bad.

Dimon said the U.S. “economy continues to grow and both the job market and consumer spending, and their ability to spend, remain healthy.”

He then shared a plethora of red flags, saying: “But geopolitical tension, high inflation, waning consumer confidence, the uncertainty about how high rates have to go and the never-before-seen quantitative tightening and their effects on global liquidity, combined with the war in Ukraine and its harmful effect on global energy and food prices are very likely to have negative consequences on the global economy sometime down the road.”

Dimon’s comments, which were made in JPMorgan Chase’s latest quarterly release, come as investors and economists assess the possibility of tighter monetary policy and expect an upcoming recession.

For the moment, there aren’t any signs the U.S. economy is entering a recession, according to comments JPMorgan executives made on their earnings call.

However, the consumer price index, soared last month by 9.1% from the year-earlier period. That blasted above the Dow Jones’ forecast of 8.8% and market the fastest pace for inflation going back to 1981.

A big driver for that increase is the increasing energy prices. West Texas Intermediate, the U.S. oil benchmark, climbed more than 28% in 2022, as the war between Ukraine and Russia raises concern over the already tight supply in the market.

According to a poll conducted by the Pew Research Center, President Joe Biden’s approval rating has slumped to 37% — with a majority of Americans saying his policies have made the economy worse. Pew also found that just 13% of Americans rate U.S. economic conditions as “excellent/good.”