The boss of Wall Street’s biggest bank fears that extreme complacency crept into the market as investors shook off last month’s tariff scare. Wall Street strategists say he might be on to something.

JPMorgan Chase CEO Jamie Dimon warned of market complacency amid concerns over tariffs and rising deficits. He spoke at JPMorgan’s annual investor day meeting in New York on Monday. Dimon said stock markets are underestimating the risks of higher inflation and stagflation.

CEO Jamie Dimon's time as top boss is winding down when his stature on Wall Street and in the nation's capital is arguably at an all-time high. Investors, as a result, may not be ready for the 69-year-old executive to exit the stage just yet.