Jamie Dimon is pushing back on the Federal Reserve’s prediction that high inflation will only be “transitory” and said that JPMorgan Chase is “effectively stockpiling” cash.

Dimon, the longtime chairman and CEO of the bank, said that the cash is on hand in case too-high inflation causes the Fed to raise interest rates. He said on Monday during Morgan Stanley’s U.S. Financials Conference that JPMorgan is angling to benefit from the rising interest rates.