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The de-facto leader of the nation’s finance executives has spoken.
Jamie Dimon on Tuesday defended the Federal Reserve after it was subpoenaed by the Justice Department, saying that “anything that chips away” at the central bank’s independence “is not a good idea.”
Dimon isn’t the only leader raising concerns. Our Washington colleagues reported that Treasury Secretary Scott Bessent called President Trump Sunday night and told him that the investigation could cause several issues for the administration, according to people familiar with the matter. (Credit to Axios for reporting those details first.)
Top global central bankers also said they stand in “full solidarity” with Powell.
Meanwhile, Dimon said political interference with the Fed would cause inflation and interest rates to go up, contrary to President Trump’s stated goal of getting rates to go lower.
Why now?: Dimon’s remarks came after Fed Chair Jerome Powell disclosed this weekend that he was being investigated by the Justice Department. The chief executive has been defending Powell and the Fed from attempts at political interference for months, both publicly and privately to the president.
The comments reiterate to markets and Trump that Wall Street’s top leaders will likely support the central bank’s independence in public, whether or not they privately agree with its current interest-rate policy.
How were JPMorgan’s earnings?: The bank reported that its profit fell 7% in the fourth quarter of 2025, dragged down by a charge from its deal to take over the Apple credit card program and a surprising slip in investment banking fees.
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