The Iran war risks pushing US inflation and interest rates up, JPMorgan Chase CEO Jamie Dimon warned Monday.

In his closely watched annual letter to shareholders, the head of the country’s largest bank said the world could face “significant ongoing oil and commodity price shocks,” though the US economy continues to be resilient as consumers keep spending.

Economists, factoring in rising US inflation as a result of the war, have broadly ruled out interest rate cuts this year.

Dimon also touched on the crisis facing private credit, which is showing cracks following aggressive lending to software firms. He said most types of high-risk credit would take a larger hit than expected in a downturn.