JPMorgan CEO Jamie Dimon is cautioning against complacency, warning that the US economy could potentially experience a severe downturn next year. In an interview with the Wall Street Journal, Dimon acknowledges that the economy is currently performing well, with strong consumer spending, low unemployment, and the stock market trading near record highs. However, he believes that the economy’s strength is primarily driven by fiscal spending, which he predicts will eventually lead to a resurgence of inflation. Dimon identifies five potential headwinds that could trigger a hard landing in 2025, including the green economy, global re-militarization, ongoing deficits, and geopolitical factors. He advises against assuming that tomorrow will be as positive as today and urges caution. Dimon draws a parallel to the 1970s, where the economy appeared promising in 1972 but faced a recession in 1973 with high inflation and unemployment. The economy did not recover until 1975.