JPMorgan CEO Jamie Dimon said Monday he didn’t think the full impact of tariffs had passed through to the broader economy and warned that the stock market could slump as companies reckoned with the new costs for goods and supplies.

Dimon made the remarks during the bank’s investor day in New York, where he said the risks of an economic slowdown were underappreciated and said even the scaled-back level of President Trump’s tariffs were “pretty extreme.”