Jamie Dimon says “the worst outcome is stagflation,” a scenario he’s not taking off the table.

JPMorgan Chase CEO Jamie Dimon said Tuesday that he would not rule out stagflation, even with more recent confidence that inflation is coming off its peak.

“I would say the worst outcome is stagflation — recession, higher inflation,” Dimon said at a Council of Institutional Investors fall conference in Brooklyn, New York. “And by the way, I wouldn’t take it off the table.”

The chief executive of the largest US bank makes his comments as investors turn their attention to signs of slowing growth. Recent readings showed price pressures moving toward the Federal Reserve’s 2 percent inflation target, but employment and manufacturing reports revealed some signs of easing.

Investors will get some additional key data this week, with the consumer price index and producer price index coming on Wednesday and Thursday.

But Dimon worries that a number of inflationary forces on the horizon, such as higher deficits and increased infrastructure spending, will continue to add pressure to an economy still reeling from the impact of higher interest rates.

“They’re all inflationary, basically in the short term, over the next couple of years,” Dimon said. “So it’s hard to look at (her) and say, ‘Well, no, I’m out of the woods.’ I don’t think so.”

The bank leader has previously warned of an economic slowdown. In August, he said the chances of a “soft landing” were about 35% to 40%, suggesting a recession was the most likely outcome.