Jamie Dimon, chairman and chief executive of JPMorgan Chase & Co., described the challenges facing the U.S. economy as akin to a "hurricane" down the road and urged the Federal Reserve to take forceful measures to avoid tipping the world's biggest economy into a recession.

Dimon's comments come a day after U.S. President Joe Biden met with Federal Reserve chair Jerome Powell to discuss inflation, which is hovering at 40-year highs.

"It's a hurricane," Dimon told a banking conference, adding that the current situation is unprecedented.

"You gotta brace yourself. JPMorgan is bracing ourselves, and we're going to be very conservative in our balance sheet," he said.

The Fed is under pressure to decisively make a dent in an inflation rate that is running at more than three times its 2 percent goal and has caused a jump in the cost of living for Americans. It faces a difficult task in dampening demand enough to curb inflation while not causing a recession.

Major central banks, already plotting interest rate hikes in a fight against inflation, are also preparing a common pullback from key financial markets in a first-ever round of global quantitative tightening expected to restrict credit and add stress to an already slowing world economy.

Wells Fargo & Co's CEO warned that the Federal Reserve would find it "extremely difficult" to manage a soft landing of the economy as the central bank seeks to douse the inflation fire with interest rate hikes.

Read more: Yellen says she was 'wrong' about inflation path

(With input from Reuters)