Jamie Dimon warned that markets are underestimating inflation and the risk of more Fed rate hikes amid global trade tensions.

The Federal Reserve last month voted unanimously to leave rates unchanged. Fed Chair Jerome Powell said he expected “meaningful” inflation ahead as consumers pay more for goods due to the administration’s planned import tariffs. President Trump has demanded immediate steep cuts, and called for Powell to resign.

JP Morgan CEO Jamie Dimon has raised a red flag about the potential underestimation of the risk of higher U.S. interest rates by the financial markets.