JPMorgan CEO Jamie Dimon says consumers are in 'great shape' but the economy will face headwinds down the road

• US consumers are in great shape but the economy will face headwinds down the road, Jamie Dimon said.
• The JPMorgan CEO noted that prices of homes and assets had gone up and that debt is in a "good position".
• Still, looming issues including excessive spending and quantitative tightening remain, he said.

US consumers are in "great shape" and avoiding a sovereign debt default was a major win, but the US economy will still face headwinds down the road, JPMorgan CEO Jamie Dimon said.

"The thing about the economy is that today's still doing fine, consumers are in great shape, home prices have gone up for 10 years, asset prices have gone up, debt's in good position," Dimon told reporters on Capitol Hill in Washington, DC on Tuesday.

Still, he said there are looming issues, including excessive spending of money, the Federal Reserve's quantitative tightening, the Ukraine war, and uncertainties surrounding oil, gas and energy.

"We have to deal with those. Hopefully, we'll get through all of that," he added.

Forecasts for the world's largest economy have been growing increasingly grim following the past year's surge in interest rates and amid a credit squeeze caused by the recent banking turmoil. Deutsche Bank recently predicted the economy is on track for its first "policy-led boom-bust cycle" in four decades, with a recession set to hit by year-end.

The JPMorgan chief thinks it's 'fabulous' that the US avoided a debt crisis given that lawmakers had come to an agreement on the government's borrowing limit, citing the hugely negative repercussions a sovereign payment default would have on the economy and the dollar.

"If I had my druthers, I'd get rid of it one day," he said. "The United States is the fundamental foundation of the global economy. The US dollar is the fundamental reserve currency. People rely on the consistency standards that we have, the rule of law, or investor protections - we shouldn't be challenging that."