JPMorgan Chief Jamie Dimon warns policymakers “should be prepared for the worst.”

As megabank CEOs attended their annual congressional hearings for day one of two on Wednesday, remarks on the U.S. economy permeated usual discussions around regulatory issues such as compliance and consumer protection this year.

JPMorgan Chief Jamie Dimon said he hoped a soft landing was still a possibility for the Federal Reserve but warned policymakers “should be prepared for the worst.

The live comments build on pre-written testimony from Dimon, in which he touched on the uncertainty posed by conflicting macroeconomic trends — specifically, strong consumer spending and a robust labor market against the backdrop of historic inflation and unprecedented monetary tightening by the Federal Reserve.

“The U.S. economy today is a classic tale of two cities,” the leader of the country’s largest bank stated. “There are headwinds and tailwinds, making it challenging to predict the future.”

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