Dimon made his remarks in the midst of another tumultuous trading session, sparked by falling oil prices. U.S. crude prices hit a fresh 2003 low on Wednesday, and have fallen more than 25 percent in 2016.
"I'm hopeful that this is just all a big adjustment," Dimon said. "A fast adjustment might be better than a painful, slow death."
The Dow Jones industrial average briefly tumbled more than 400 points Wednesday, while the S&P 500 and Nasdaq composite both dropped more than 2.5 percent. Major U.S. indexes kicked off the year on the wrong foot, by falling into correction territory, down at least 10 percent from their 52-week highs.
Concerns over a global economic recession have also contributed to the recent sell-off. On Tuesday, the International Monetary Fund cut its global growth forecast for 2016 to 3.4 percent, down from 3.6 percent.
This, along with other weak economic forecasts, have raised questions as to whether or not the Federal Reserve will continue on its path to normalization.
However, Dimon said, "I've always said normalization is a good thing."
"I don't believe raising rates 25 basis points is tightening, at all," he said. "I don't believe these first 25, 50, 75 basis points will not take any effect. As long as the U.S. economy is strong, they should raise."