Despite the recent stock market downturn that sent the Dow Jones Industrial Average plummeting nearly 1,000 points, Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co ( JPM ) , remains unfazed.

U.S. stocks fell sharply on Monday as concerns over a weakening economy emerged after a disappointing jobs report. The Dow dropped 2.6%, S&P 500 index fell 3%, and Nasdaq declined 3.4%, marking their largest losses since September 2022.

The S&P 500 index-tracking SPDR S&P 500 ETF ( SPY ) closed lower by 2.91% while the Dow Jones Industrial average-tracking SPDR Dow Jones Industrial Average ETF ( DIA ) closed lower by 2.60%. Over the past month, these ETFs are down 6.72% and 1.75%, respectively. A big drag on the S&P 500 index has been tech stocks which, as represented by the Invesco QQQ Trust, Series 1 ( QQQ ) , are down 12.25% over the past month.

Speaking in Des Moines on Monday, Dimon brushed off recession fears, emphasizing the importance of focusing on long-term growth rather than short-term market fluctuations.

Dimon was in town to cut the ribbon on a new JPMorgan Chase ( JPM ) branch, with plans to open 25 more in the next five years. Although his visit coincided with significant market turbulence, Dimon promptly dismissed the ensuing panic.

Read Also: Tech Stocks Lead Dow Jones Industrial Average To Largest Drop In Almost Two Years

Jamie Dimon On Market Swings, Soft Landings

Dimon has seen it all before and is no stranger to the ebbs and flows of economic cycles. “OK, I’m going to tell you the truth, right? People overreact to short-term things. And so, like, we’re overreacting to things that were so good for so long,” he said, according to the Des Moines Register.

While acknowledging the challenges of market downturns, Dimon is confident in the resilience of the U.S. economy, saying that whether it faces a “soft landing or a mild recession or harder recession, we’re going to get through it.”

Dimon also addressed the Federal Reserve’s attempts to curb inflation, which he believes may not come without some economic pain. "I always thought the chance of a soft landing was a lot less than other people. There are just too many variables out there including the geopolitical stuff which is really dangerous," he said.

‘A Lot Of Things… Are Going To Add To Inflation’

While Dimon remains optimistic about the U.S. economy’s ability to weather short-term market volatility, he did express concern over certain economic factors, including high budget deficits, energy supply disruptions, and persistent inflation. He noted, "I look at a lot of things in front of us that are going to add to inflation, so maybe the surprise would be that inflation comes down but doesn't stay down."

On the topic of foreign trade, Dimon defended its value but acknowledged the need for policy adjustments. “If you just close down trade, that would be a really tough thing for America,” he said, according to the Register.

Read Next:

Jim Cramer Says Go With Trump If ‘You Care About Your Paycheck:’ Is Ex-President Really Taxpayer Friendly?

Image created with a photo from Steve Jurvetson from Flickr.