(Bloomberg) -- The Federal Reserve may not cut interest rates at all this year with inflation remaining high, said JPMorgan Chase & Co. President Daniel Pinto.

“It may take a bit longer until they can cut rates,” Pinto said at a Semafor event in Washington, adding that the likelihood of a rate hike is “very, very low” amid widespread skepticism that inflation will ease any time soon. The Fed isn’t in any hurry, as a rate cut that comes too early would be “painful” and probably cause a recession, he said.

Recent economic data has shown inflation remaining stickier in the US than many had expected earlier this year, making it appear less likely that the Federal Reserve will bring rates down rapidly. That’s keeping financing costs higher for longer, while a strong jobs market and broader growth are bolstering the US economy.

Read More: US Inflation Refuses to Bend, Fanning Fears It Will Stick

Pinto’s comments echo those of his boss, longtime JPMorgan boss Jamie Dimon. In a letter to shareholders earlier this month, Dimon wrote that sticky inflationary pressures could lead to higher rates than the market expects, and that his firm is prepared for rates ranging from 2% to 8% “or even more.”

Earlier Thursday, two-year US Treasury yields ticked higher after John Williams, president of the New York Fed, mentioned the possibility of rate hikes at the same event.

Pinto also addressed JPMorgan’s recent acquisition of First Republic Bank, the regional lender that fell into crisis last year. While the takeover was a positive move for JPMorgan and stabilized the financial system, he said, the Wall Street bank won’t be looking to buy more small banks during normal periods.

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--With assistance from Hannah Levitt.

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