"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.