America's banker Jamie Dimon issues dire warning to Trump
Daily Mail • • business
Key Points:
- JPMorgan CEO Jamie Dimon warned that the Trump administration's attacks on Federal Reserve Chair Jerome Powell could backfire by raising inflation expectations and increasing interest rates over time, emphasizing the importance of Fed independence.
- Inflation remained steady at 2.7% in December, above the Fed's 2% target, as the central bank resists President Trump's calls for aggressive rate cuts to stimulate the economy, citing risks of reigniting inflation.
- The Justice Department's subpoena investigation into a $2.5 billion Fed headquarters renovation has sparked controversy, with Treasury Secretary Scott Bessent distancing the administration from the probe and warning President Trump about its negative impact.
- Former Fed chairs and Republican senators condemned the investigation as an unprecedented threat to the Fed's independence
