JPMorgan CEO Jamie Dimon has predicted the likelihood of a downturn in the U.S economy and warned that “something worse” than a hard recession could be on the horizon.

Dimon gave the estimations regarding the probability of a recession in a call with clients last week, according to a Yahoo Finance report published Saturday.

The investment bank CEO noted that the economy is “strong” and “consumers’ balance sheets are in good shape,” as are businesses. However, he warned that there are “storm clouds” on the horizon, including rising oil prices and higher interest rates.