(NewsNation) — After cautioning “storm clouds” were beginning to form around the economy in April and warning that the U.S. had only a 10% chance of avoiding an economic contraction in August, JPMorgan CEO, Jamie Dimon, is now saying a recession is very likely come 2023.

“These are very, very serious things,” Dimon told CNBC on Monday. “They’re likely to put the U.S. in some kind of recession six or nine months from now.”

This comes as stocks continued to slip Monday. Led by the Nasdaq, all indexes took a dip, with seven of the 11 S&P 500 sectors ending in the red.

It’s the lowest the Nasdaq has dropped in two years.

With the next inflation report expected to be released later this week, Dan Roccato, a finance professor at the University of San Diego, joined NewsNation on Monday to discuss how much higher interest rates need to go for inflation to finally start to recede.

“A few weeks ago, we said we were about the bottom of the fourth inning on the raising interest rates, we’re now about the top of the sixth inning — we’re getting there, but they’re not done yet. And that’s what has the markets really spooked,” Roccato said Monday.

As far as when the economy will get better, Roccato suggested listening to people who are most affected by the economy every day.

” People understand this better than economists. We’re in a paycut recession: People have jobs, but the pay is not keeping up with cost of living,” he said.

Watch the rest of the interview above.