Jamie Dimon warns political interference with Fed would push up rates
The JPMorgan chief reiterated his support of the Fed after the DOJ investigation.
Jamie Dimon on Tuesday defended the independence of the Federal Reserve, saying that “anything that chips away" at the central bank’s independence “is not a good idea."
Dimon, speaking with reporters after JPMorgan Chase issued its fourth-quarter earnings results, said political interference with the Fed would cause interest rates to go up, contrary to President Trump’s stated goal of getting rates to go lower. Dimon’s remarks came after Fed Chair Jerome Powell disclosed this weekend he was being investigated by the Justice Department.
That the 69-year-old chief executive has been defending Powell and the Fed from attempts at political interference for months, both publicly and privately to the president.
Dimon added that he didn’t think the Fed was infallible and had made mistakes.
“I want to say that I don’t agree with everything the Fed has done," Dimon said to reporters. “I do have enormous respect for Jay Powell the man."
Write to Alexander Saeedy at alexander.saeedy@wsj.com
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