The chance of a significant stock market fall is greater than many financiers believe, the chief executive of JPMorgan-Chase said in a recent interview.

“I would give it a higher probability than I think is probably priced in the market and by others,” Jamie Dimon told the BBC on Oct. 8.

“So if the market’s pricing in 10 percent, I would say it is more like 30 percent.”

Dimon, who is the head of the largest U.S. bank, added that he is “far more worried than others” about a stock market correction, which he said could come in the next six months to two years.

He added that there are “a lot of things out there” that are creating uncertainty in world markets, such as geopolitics and government and military spending.

“All these things cause a lot of issues that we don’t know how to sort out,” Dimon said.

“So I say the level of uncertainty should be higher in most people’s minds than what I would call normal.”

Dimon also expressed concern about inflation, but remained confident in the Federal Reserve’s independence amid the Trump administration’s vocal criticisms of Federal Reserve Chair Jerome Powell.

In the BBC interview, Dimon was also asked about his comments regarding tensions in the Asia-Pacific region and the letter he wrote warning that the United States will run out of missiles if a war erupts in the South China Sea.

“People talk about stockpiling things like crypto, I always say we should be stockpiling bullets, guns, and bombs,” he said.

“The world’s a much more dangerous place, and I'd rather have safety than not.”

It’s not the first time Dimon has sounded the alarm on the state of the U.S. economy. In September, the JPMorgan chief signaled he was cautious about the country’s economic outlook, again warning about tariffs, geopolitics, the administration’s tax and spending policies, and other economic cycles.

“I think you better be careful on that one [on the economic impact on the United States] because some of these things have long cycles. So we don’t know yet. People are expecting these things to happen right away. But actually, a lot of them haven’t happened,” Dimon said in a podcast interview with “Office Hours: Business Edition.”

The U.S. economy grew faster than initially thought in the second quarter, driven in part by business investment in intellectual property, such as artificial intelligence.

In a Commerce Department report issued in August, U.S. consumer spending increased slightly more than expected. Households went on vacation and dined out, keeping the economy on solid ground as the third quarter progressed, while inflation continued to steadily pick up.

The report suggested the economy has so far retained most of its momentum from the April–June quarter.

The Fed last month cut its benchmark overnight interest rate by 25 basis points to the 4 percent to 4.25 percent range.

Reuters contributed to this report.