By David Henry

(Reuters] – Jamie Dimon (NYSE) and JPMorgan Chase (NYSE) joked Tuesday that his bank would be around longer than China’s Communist Party when he spoke in Boston.

Dimon, while reiterating the bank’s commitment of doing business in China said that he made a joke about the Communist Party celebrating 100 years. So is JPMorgan. “I’d bet we will last longer!”

Dimon stated, “It’s impossible to say that in China.” They’re probably just listening.”

JPMorgan is a Chinese bank that has operated in China since 1921. This year also marks the founding of the Communist Party. In April, Chinese regulators approved JPMorgan’s full ownership of the China Securities venture.

Dimon shared his opinions on many topics as part of an interview series with CEOs at Boston College.

Dimon believes that supply chain problems will cause inflation to be temporary, but higher wages and oil prices will continue to drive up costs. As prices of items like lumber and cars such as used cars stop rising, Dimon anticipates that a few percentage points or less of the current pace at 5% U.S. inflation will be lost.

Dimon stated that there are “other things” which may not be as transitory. “I don’t believe oil prices are falling.”

Dimon said that there’s a third chance of inflation being low enough to cause moderate rises in the market interest rates, but not so high that it would push the economy into recession. Dimon said there’s a good chance that inflation may rise, leading to the Federal Reserve withdrawing support for the economy. This could lead to a mild recession.

Dimon described the U.S. as “booming” in his own words.

He said that both consumers and businesses were in good financial condition and there was still plenty of fiscal and monetary stimulation.

Dimon repeated previous warnings to investors when Dimon was asked questions about cryptos. Dimon replied, “It’s not really currency” and described them as “cryptotokens” that are devoid of intrinsic value. They have been inflated by speculation driven by government stimulus payments.

“It is hypersteria,” he declared.