JPMorgan Chase Chief Executive Officer Jamie Dimon called U.S. stocks inflationary on Wednesday and said he was feeling more cautious than others in the business community because of the risks of deficit spending, inflation and geopolitical instability.

"Asset prices are a little bit elevated by any measure," Dimon told CNBC's Andrew Ross Sorkin at the World Economic Forum in Davos, Switzerland. "They're in the top 10% or so of historical valuations. 15%".

Dimon said he was specifically talking about U.S. stocks, which are in the midst of a multi-year bull market. The S&P 500 rose more than 20% for two consecutive years in 2023 and 2024, the first time in 25 years. Last year, Dimon even called his company's stock expensive.

But Dimon also pointed out that some bond markets, including sovereign debt, are "at all-time highs."

"So, yes, prices have gone up and you need pretty good results to justify those prices," Dimon said. “Having strategies that promote growth can help achieve this, but there are downsides that can often surprise you.”

Dimon, 68, is one of the most respected voices in finance, having built JPMorgan into the largest U.S. bank by a number of measures, including assets and market valuation.

He has been warning since 2022, when he said a "hurricane" was hitting the U.S. economy. The storm is yet to come, however, as the U.S. has outperformed expectations in recent years and the election of Donald Trump in November has boosted hopes that pro-growth governments will take action.

"I do feel more cautious on a range of issues," Dimon said Wednesday. "I'm somewhat cautious about deficit spending; this is a global problem, not just a U.S. problem," he said. “And the related (question), ‘Will inflation go away?’ I’m not so sure.”

Dimon said escalating global conflicts, including the war in Ukraine, tensions in the Middle East and the growing threat from China, "make me very concerned about how it will affect our world for the next 100 years."

In the wide-ranging interview, Dimon expressed support for imposing tariffs on U.S. imports if it would enhance national security and said he and tech entrepreneur Elon Musk had thawed their previously contentious relationship. Dimon also said he has no intention of running for office in 2028.