JP Morgan’s Jamie Dimon: Federal Reserve Has “Lost a Little Bit” of Control of Inflation

JPMorgan Chase Jamie Dimon, CEO, said Thursday that controlling inflation is still a work in process for the Federal Reserve. He also noted that signs of strength continue to be seen in the U.S. Economy.

“I have all the respect for [Fed Chair Jerome] Powell, but the fact is we lost a little bit of control of inflation,” Dimon spoke to Jim Cramer of CNBC during the “The Apprentice” interview.Halftime Report.” Cramer will be appearing in the first installment of a series of interviews. The second installment will air later on Thursday.Mad Money.”

Dimon’s comments were made one day after the fact. Fed has released minutes from its Jan. 31-Feb.1 MeetingThis showed that members are determined to combat persistent inflation.

“Participants noted that inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases but stressed that substantially more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path,” The minutes were spoken.

Dimon stated that he expected interest rates to increase. “possibly” It may be necessary for the central bank to keep it higher for a longer time “a while” To achieve its goal at 2% inflation.

The JPMorgan CEO stated that he doesn’t currently have to resort to the recession playbook because he is encouraged and inspired by the U.S. economic strength.

“The U.S. economy right now is doing quite well. Consumers have a lot of money. They’re spending it. Jobs are plentiful,” Dimon stated. “That’s today. Out in front of us, there’s some scary stuff. You and I know there’s always uncertainty. That’s a normal thing.”

These comments are in contrast to Dimon’s October remarks. He stated that the U.S. would likely be in a “a href=”https://www.cnbc.com/2022/10/10/jpmorgan-jamie-dimon-warns-us-likely-to-tip-into-recession-soon.html”>recession In six to nine months. In December, he stated that higher inflation was eroding consumers’ wealth. It could lead to a recession in the coming year.

The Fed declined comment.