Jamie Dimon, chairman and CEO of JPMorganChase, will speak at the Reagan National Economic Forum on Friday as the U.S. faces rising inflation amid the war in Iran.

Dimon warned in his annual letter to shareholders last month that prolonged inflation and higher interest rates caused by the war could tip the U.S. economy into a recession.

“The skunk at the party — and it could happen in 2026 — would be inflation slowly going up, as opposed to slowly going down. This alone could cause interest rates to rise and asset prices to drop,” Dimon said.

The U.S. and Iran have reportedly agreed to terms on a deal to reopen the Strait of Hormuz, which could begin to ease high energy prices and the risk of a recession, according to U.S. officials. Trump has yet to give the deal his final approval.

Watch Dimon’s speech live at noon EDT.

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