JPMorgan Chase CEO Jamie Dimon on Monday warned that a “very, very serious” mix of events was likely to send both the U.S. and global economy into recession by the middle of next year.

Dimon —the chief executive of the largest bank in the U.S. — said the country’s economy was “actually still doing well” at present, and consumers were likely to be in a better position than the 2008 global financial crisis.

“But you can’t talk about the economy without talking about stuff in the future — and this is serious stuff,” Dimon told CNBC’s Julianna Tatelbaum on Monday at the JPM Techstars conference in London.

Among the indicators that raised the alarm, Dimon cited the impact of runaway inflation, interest rates soaring more than expected, the unknown effects of quantitative easing and Russia’s war in Ukraine.

“These are very, very serious things which I think are likely to push the U.S. and the world — I mean, Europe is already in recession — and they’re likely to put the U.S. in some kind of recession six to nine months from now,” Dimon said.

The Fed hiked its benchmark interest rates by three-quarters of a percentage point last month, the third consecutive increase of that size. Fed officials also said they are committed to hiking rates well above the current range of 3% to 3.25%.

Dimon said that while the Fed “waited too long and did too little” as inflation skyrocketed to four-decade highs, the central bank is “clearly catching up.”

“From here we let’s all wish him success and keep our fingers crossed that they managed to slow down the economy enough so that whatever it is, is mild — and it is possible,” he added.