Jamie Dimon Says Reining In Price Rises Is Work In Progress For Fed: 'We Lost A Little Bit Of Control Of Inflation'

JPMorgan Chase & Co JPM CEO Jamie Dimon reportedly said on Thursday that reining in inflation is a work in progress for the Federal Reserve, while also observing that the U.S. economy continues to display signs of strength.

"I have all the respect for [Fed Chair Jerome] Powell, but the fact is we lost a little bit of control of inflation," Dimon said in an interview with CNBC's Jim Cramer.

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Dimon's comments come in the backdrop of the release of the minutes of the Federal Open Market Committee's policy meeting in early February.

The minutes stated although the participants agreed there were recent signs of inflationary pressures moderating, it remained well above the Committee's longer-run goal of 2% and that the labor market remained very tight, contributing to continuing upward pressures on wages and prices.

Major Wall Street indices closed in the green on Thursday with the S&P 500 ending a four-day losing streak. Initial claims for state unemployment benefits reduced by 3,000 to a seasonally adjusted 192,000 for the week ended Feb. 18, reported Reuters citing the Labor Department.

The SPDR S&P 500 ETF Trust SPY closed 0.53% higher while the Vanguard Total Bond Market Index Fund ETF BND gained 0.36%.

Higher Rates: Dimon said he expects interest rates may remain higher for longer as the central bank could take time to get to its goal of 2% inflation.

"The U.S. economy right now is doing quite well. Consumers have a lot of money. They're spending it. Jobs are plentiful," Dimon said. "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," he said.

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