Dimon said he is not worried about the possibility of inflation heating up in the next few months during a call with reporters about JPMorgan Chase's third quarter earnings Wednesday.

He said those trends should continue as "we approach what we hope is the tail end of the pandemic."

But Barnum did not seem worried about the possibility that higher rates will slow down the red hot housing market.

He said during the press call that while rising rates could lead to a slowdown in mortgage refinancing, this year is still on target to be the biggest year ever for new home loans.

"The impact of the taper and higher rates shouldn't be a source of major concern for the housing market," Barnum said.