Jamie Dimon testimony in Congress: 'Be prepared for the worst' - USA TODAY

Ahead of the Fed's 75 basis point rate hike, JPMorgan CEO Jamie Dimon told lawmakers they "should be prepared for the worst." .

Fed rate hike: Fed hikes interest rate 0.75 percentage point to tame inflation, and sees aggressive increases ahead.

Asked by Rep. Bill Posey, R-Fla., if Congressional spending was responsible for the high level of inflation Dimon said, "I don't think you can spend $6 trillion and not expect inflation."