Jamie Dimon on the economy, inflation and his future

STORY: Dimon warned of the adverse impact of stricter regulation of credit card fees and said he planned to visit China since it was important to maintain relations there.

In reference to inflation, Dimon said "people should take a deep breath on this one before they declare victory because a month’s number looked good."

His comments came after Federal Reserve officials said earlier on Wednesday more interest rate rises are on the cards as the U.S. central bank presses forward with efforts to cool inflation.

Dimon said a default on U.S. debt - a prospect the country faces unless its debt ceiling is raised - would be potentially "catastrophic."