JPMorgan Chase CEO, Jamie Dimon, has warned that the Iran war may increase inflation and interest rates due to geopolitical risks such as the Ukraine war, Mideast tensions, oil and commodity price shocks, and global supply chains reshaping could lead to higher inflation and higher interest rates. Dimon also stated that the private credit sector may not pose a systemic risk due to its relatively small size and lack of transparency or rigorous valuation loan "marks". He also warned that once the credit cycle weakens, losses on all leveraged lending will be higher than expected due to weakening of credit standards across the board. The U.S. economy continues to be resilient, with consumers still earning and spending, and businesses are healthy. However, he warned that large amounts of government deficit spending and past stimulus had fueled stimulus, and increased investment on infrastructure remained a growing need.