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Today, Monday June 14, JPMorgan Chase (JPM) CEO Jamie Dimon said that the bank is holding around $500 billion in cash in order to benefit from higher interest rates. Dimon told a Morgan Stanley virtual conference that he expects rising inflation will result in higher interest rates over the next 9 months.

“We’ve actually been effectively stockpiling more and more cash, waiting for opportunities to invest at higher rates,” he said. “Our balance sheet is positioned (to) benefit from rising rates.”

Dimon, who heads the largest U.S. bank by assets, said “I think you’re also going to have a very, very strong economy, which will also benefit the retail bank.”