The Federal Reserve has lost control of inflation, says JPMorgan Chase CEO

The Federal Reserve is still working on managing inflation, according to Jamie Dimon, CEO of JPMorgan Bank, who also noted that the U.S. economy is still showing signs of resilience.

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In the first of a two-part interview with Trade Algo, which will be broadcast later Thursday on "Mad Money," Dimon said, "I have all the respect in the world for [Fed Chair Jerome] Powell, but the fact is we lost a little bit of control of inflation."

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Dimon made his remarks one day after the Fed issued the minutes from its meeting from January 31 to February 1 showing that members are still committed to combating persistent inflation.

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The minutes of the meeting stated that participants "noted that inflation data received over the past three months showed a welcome reduction in the monthly pace of price increases" but emphasized that "considerably more evidence of progress across a broader range of prices would be required to be confident that inflation was on a sustained downward path."

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While it might take the government's central bank "a while" to reach its target of 2% inflation, Dimon himself stated that he anticipates interest rates to "potentially" stay higher for longer.

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The CEO of JPMorgan said he is pleased by the robustness of the American economy, so he isn't now pulling out the recession playbook.

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"The US economy is now doing fairly nicely. The consumer class is wealthy. They are utilizing it. There are lots of jobs," Dimon stated. "Today is that. There is some scary things in front of us. We both recognize that uncertainty never goes away. It is a common occurrence.

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These statements diverge from Dimon's earlier ones from October. He predicted at the time that the US economy will most certainly enter a recession in six to nine months. He predicted that a recession would hit this year in December, claiming that increased inflation was eroding consumer wealth.

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The Fed chose not to respond to the story.