Jamie Dimon

Hi, Lisa.

Hi, Bloomberg.

Not really.

So one of our brilliant folks wrote a report years ago, Mike Semlos, that if you look at all these wars around the world since World War II,

The market reacts, but it never had a real long-term effect other than the Israeli conflict where the oil prices tripled and went out for an extended period of time in 1973.

So the world kind of takes its stride, but geopolitics is a major issue.

It's much more complex today than it has been since World War II.

I'm talking about Ukraine, Russia, Iran, North Korea, all related with China.

And that could have an effect, but it may not.

So these things may diminish over time.

This war with Iran, if it's short and oil goes to 80 or 90 or 100, but it's short and not prolonged, it probably won't have a major effect.

If it becomes prolonged, then all bets are off the table.

Well, I think that's true, but I think that was true before this war.

So if you look at, you know, my view is that the price, asset price is kind of high, credit price is kind of low.

It's kind of a lot of complacency in the market.

I'm not sure, you know, we look at risk, we look at the broad range of outcomes, and there are negative outcomes, but one of them would be, you know, inflation.

I call it, that's the skunk at the party.

So it's been coming down, but it seems to maybe have leveled off around 3%.

If things make it go up, and this is only one thing,

You can look at medical prices, construction prices, insurance prices, wages for certain things.