Yahoo Finance Live's Julie Hyman breaks down Jamie Dimon's shareholder letter as JPMorgan Chase could face a $1 billion loss from Russian exposure.

Video Transcript

JULIE HYMAN: JPMorgan CEO Jamie Dimon out with his annual letter to shareholders, talking about the state of the US economy, talking about inflation. And he also had some things to say about Russia, saying that the international community should increase its sanctions against Russia. And this as there are more calls this morning for inquiries into possible human rights violations, crimes of war, war crimes violations, as we get some reporting on killing-- potential killing of civilians happening in Ukraine on the part of Russian soldiers. Dimon saying in the letter the US should increase sanctions, quote, "in whatever way national security experts recommend to maximize the right outcomes." He said the war and the resulting sanctions, though, will slow the global economy. And it could easily get worse. Brian Sozzi, obviously, you know, the ripple effect that we have seen what's happening there is happening in terms of putting a lot of upward pressure on inflation. BRIAN SOZZI: Yeah, and Dimon's comments there, Julie, comes-- he also says this, which I would say is quite worrying when you hear this type of commentary on the Federal Reserve from a Jamie Dimon. He says rates will rise substantially, and the current tightening cycle is in no way traditional. Says, quote, "I do not envy the Fed for what it must do next. The stronger the recovery, the higher the rates that follow." And Julie, this really dovetails on what Bridgewater's Ray Dalio told me in an exclusive interview that will be hitting the Yahoo Finance site today. He said this to me. Quote, "So the Fed is going to be in a very difficult place a year from now, as inflation still remains high and it starts to pinch on both the markets and the economy." So, really, two titans in the world of finance, I think, sounding the alarm bells to the market that has rallied, really, off the lows in March, but reminding them that rates are going up pretty significantly, likely because of inflation. And perhaps you need to start paying better attention to it. JULIE HYMAN: Yeah, maybe so. Certainly a lot of people right now are paying a lot of attention to it and sort of debating, Sozz, whether there is going to be a soft landing or a hard one.