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.

The race to replace Jamie Dimon will be on full display Monday. Top executives at JPMorgan Chase are gathering with shareholders for the bank’s annual investor day, where they will give an update on the bank’s strategy over hours of management presentations.