JPMorgan Chase (JPM) CEO Jamie Dimon is not ruling out the possibility of a US recession, saying Thursday that "I wouldn't take it off the table at this point."

The boss of the biggest US bank, in an interview with Bloomberg, cited the country's large deficit along with his expectation for rising long-term interest rates and inflation.

"If there's a recession, I don't know how big it will be or how long it will last. Hopefully we'll avoid it. But I wouldn't take it off the table at this point," he added, noting that he relies on his economists for that kind of forecast.

Two days ago, JPMorgan economists lowered their expectations of a US recession after calling for one shortly following the Trump administration's sweeping rollout of tariffs at the beginning of last month.

Read more: What is a recession, and how does it impact you?

"We believe recession risks are still elevated, but now below 50%," JPMorgan chief US economist Michael Feroli wrote in that note.

Trump has delayed many of his "Liberation Day" tariffs and agreed to reduce high duties imposed on goods from China during a 90-day trade truce with that country.President Trump shakes hands with JPMorgan Chase CEO Jamie Dimon at the White House in 2017. (Reuters/Kevin Lamarque/File Photo)·REUTERS / Reuters

In early April, Dimon told Fox Business Network's Maria Bartiromo on "Mornings with Maria" that a recession was "a likely outcome" just hours before Trump announced the 90-day pause of his "Liberation Day" tariffs. The president later acknowledged the same day that he listened to Dimon speak.

When asked Thursday if he speaks regularly with Trump, Dimon said, "No, I don't," adding, "I talk to all the folks there."

Read more: 7 ways to recession-proof your savings

He did say that, so far, he has approved of the progress the Trump administration has made since the initial April 2 tariff rollout.

"I think they're doing the right thing now, which is to back off of it. Let the secretary of Treasury do the hard work of figuring out what's the right thing to do if they're unfair trade thing, to do something about it, you know, but they have backed off of specific things in specific industries, I think that's the right thing to do," he said.

But even during this pause of "reciprocal" tariffs, Dimon said the current level of uncertainty is keeping investors out of markets.

"Even at this level, you see people holding back on investment and thinking through what they want to do," Dimon added.Larry Fink, chair and CEO of BlackRock, speaks at an Economic Club of New York event on April 7. (Reuters/Jeenah Moon)·REUTERS / Reuters

Speaking earlier this week at a conference in Saudi Arabia, BlackRock (BLK) CEO Larry Fink also pointed to how the fog of uncertainty caused by shifts in global trade is far from gone.

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"When there is uncertainty, you are going to keep more and more money in cash, and that is what we witnessed," Fink said Tuesday, citing some $24 trillion between Europe and the US that's sitting in European bank accounts and US money market funds.

Dimon acknowledged that the uncertainty, which has led to historically high stock volatility in recent weeks, has been good for JPMorgan Chase's trading operations.

"You've seen examples where there's good volatility and there's bad volatility," he said. "This one happened to be good. The next go around may not be so good."

David Hollerith is a senior reporter for Yahoo Finance covering banking, crypto, and other areas in finance.

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