We're not out of the economic woods yet. At least not according to JP Morgan JPM CEO Jamie Dimon, who spoke Monday at the bank's annual investors conference. The fear and trepidation that markets felt when President Donald Trump first unveiled his tariff plan has only been matched by the exuberance felt since the White House announced a 90-day pause on the tariffs.

Americans might feel anxious about inflation and tariffs, but according to JPMorgan Chase (JPM) CEO Jamie Dimon, Wall Street hasn’t even begun to worry enough — and that, he says, is a big mistake.

JPMorgan CEO Jamie Dimon said Monday he didn’t think the full impact of tariffs had passed through to the broader economy and warned that the stock market could slump as companies reckoned with the new costs for goods and supplies.