"We look at risk, at the broad range of outcomes, and there are negative outcomes. One of them would be inflation, I call it the skunk at the party," Dimon said.

The conflict involving Iran threatens another price spike that could undermine the president's central case for lower interest rates.

"We look at risk, at the broad range of outcomes, and there are negative outcomes. One of them would be inflation, I call it the skunk at the party," Dimon said.

One of macroeconomics’ worst-case scenarios could be coming for the global economy, according to Mohamed El-Erian.

"There are many stresses on our economy, and this could be the straw that breaks the camel’s back — a straw that becomes heavier the longer the war goes on."

President Donald Trump's choice to lead the Federal Reserve sees inflation risk very differently than Chairman Jerome Powell.