Jamie Dimon, CEO of JPMorgan, spoke out about the U.S. stock market and economy in an interview with CNBC Monday at JPM Techstars in London.

Dimon listed a variety of indicators that could lead to the U.S. economic going into recession. These include runaway inflation, higher interest rates than expected, quantitative easing effects, and the Russia-Ukraine conflict. The JPMorgan boss stated that Europe is in recession.

These are very serious issues that I believe will push the U.S., and the world into recession in six to nine months.

He noted that the Federal Reserve was ‘clearly catching-up’ after inflation hit a 40 year high. He also pointed out that the central bank had ‘waited too long’ and done too little. Dimon stated: “And, you know what, from here, we all wish him [the Fed’s chairman] success, and keep our fingers crossed they managed to slow the economy enough so whatever it might be, it’s mild – and that it’s possible.”

He believes the U.S. economy “actually still does well,” and that consumers will be in better health than they were during the 2008 global financial crises. He cautioned, however:

However, you cannot talk about the economy without addressing the future. This is serious stuff.

Answering a question on how long the U.S. will be in recession for, he said that he couldn’t be sure and advised market participants to consider a variety of outcomes. It can be very mild or quite difficult, and much will depend on what happens with the war. According to the JPMorgan chief, “I think it is difficult, be prepared,”

Dimon was also asked about his outlook for the S&P 500. He stated that markets are volatile and that the benchmark could fall further than current levels. It may still have some way to go. It all depends on the soft-landing and hard-landing thing. Since I don’t know the answer, it’s difficult to answer…. It could be another easy 20%,” the JPMorgan executive responded, expounding:

The 20% that follow would be even more difficult than the first.

He concluded that rates going up by another 100 basis points would be more painful than the 100 before. People aren’t used it so negative rates will be even worse. The S&P 500 is down 25% since the beginning of the year, according to the latest data.

Dimon warned in June that an economic storm was on the horizon, and advised people to be prepared. In August, JPMorgan boss doubled his warning, warning that something worse than a recession could be on the horizon.