JPMorgan Chase CEO Jamie Dimon expressed his views on Federal Reserve rate cuts on Tuesday at a conference hosted by Georgetown University’s Psaros Center for Financial Markets and Policy, one day before the Fed reduced rates by 50 basis points.

Dimon downplayed the significance of the cuts, stating:

It’s not going to be earth-shattering.

He further stated that the exact size of the cut, whether 25 or 50 basis points, would not have a meaningful impact, adding, “It doesn’t mean that much.” The JPMorgan boss emphasized that rate changes are relatively minor, stating, “underneath that, there’s a real economy.”

Dimon also touched on broader economic concerns, cautioning against overanalyzing the likelihood of a “soft” or “hard” landing for the U.S. economy. He opined:

People overly focus on, ‘are we going to have a soft landing, a hard landing?’ Honestly, most of us have been through all that stuff, it doesn’t matter as much.

Despite supporting the Federal Reserve’s easing of monetary policy and praising Chairman Jerome Powell’s efforts, Dimon reiterated his long-standing concerns about inflation, potential stagflation, and rising interest rates, with some possibly surging to 7%.

Last week, the JPMorgan chief executive raised concerns about stagflation despite signs of easing inflation. He highlighted ongoing risks such as rising deficits and government spending that could pressure inflation, warning that the U.S. economy is not yet out of the woods and suggesting the possibility of a recession remains significant.