US President Donald Trump rebuked Jamie Dimon for criticizing the administration’s criminal investigation into Federal Reserve Chair Jerome Powell.
The JPMorgan CEO had warned that the probe could “chip away” at the Fed’s independence, echoing warnings from Republican lawmakers, among others. Trump has hitherto been friendly with Wall Street, but his pressure on the central bank has drawn concern. He has sought to dismiss another Fed governor, and repeatedly called for rates to be cut, eroding the bank’s independence.
In part, Trump’s demands are driven by voters’ affordability concerns that threaten to undermine his popularity: He has also called for banks to cap credit-card interest rates at 10%, potentially costing banks $100 billion a year.