The question about whether the US will enter into a recession is all but settled: it most certainly is.

More open to debate: when the recession will hit.

The CEO of JPMorgan Chase, the largest bank in the US, says it’s closer than people think. Jamie Dimon said Monday that while the economy is “actually still doing well” right now, it won’t last.

“But you can’t talk about the economy without talking about stuff in the future – and this is serious stuff.” Dimon continued in a conversation with CNBC’s Julianna Tatelbaum, “These are very, very serious things which I think are likely to push the US and the world – I mean, Europe is already in recession – and they’re likely to put the US in some kind of recession six to nine months from now.”

According to Dimon, the Fed waited too long to tackle rising inflation, and he worries that their sudden hike in interest rates could precipitate an economic slowdown faster than they anticipated.