The effects of government spending in the era of the epidemic and monetary policy that helped support the American economy have faded, and this makes the country vulnerable to contraction in the coming months, according to Jimmy Damon, CEO of JPMorgan Chase.

“I think there is an opportunity to deteriorate real numbers soon,” Damon said at the Morgan Stanley conference on Tuesday, according to a copy of FactSet.

The United States continued to see growth in the total employment and spending on consumers this year, so that the survey data showed weakening confidence in consumers and business leaders in facing tariff policies in the Trump administration.

Damon reduced the survey data, saying that “neither consumers nor companies choose the points of reflection”, but he said that the “soft landing” of the economy was likely to seem weakened.

“The work will decrease slightly,” he said.

Damongan’s CEO, since 2006, has a history of sharing cautious or negative expectations for the economy. His comments on Tuesday were not unusually pessimistic.

Recent economic data shows both job growth and inflation slowing in May.

The other field that Damon warned is private credit, which has become a prosperous work in Wall Street and is seen as a possible field of concern in the event of stagnation. The CEO explained that the risks of private credit varies for banks-which are lined up on deals and then transferred from their books-for investors looking for long-term returns from the assets category.

“Do I think this is the time to buy credit if you are a box manager? No, I will not buy credit today at these prices and these differences,” Damon said.