Wall Street rallies around Jerome Powell as Trump's attacks on the Fed threaten its independence.
The US banking community has spoken out in support of Federal Reserve Chair Jerome Powell, following President Donald Trump's escalating efforts to undermine the central bank's autonomy. CEO Jamie Dimon from JPMorgan Chase was among those who publicly backed Powell, warning that interference with the outgoing Fed chair could "undermine the foundation" of the US economy.
Dimon's comments marked a shift in his earlier stance on policy disagreements, as he had previously sought to maintain a neutral tone while still disagreeing with Trump's views. However, the President has taken a harder line against Dimon, labeling him "wrong" and suggesting that he may prefer higher interest rates for personal gain.
Other banking leaders, including Bank of America CEO Brian Moynihan and head of the Bank of New York Mellon Robin Vince, have also criticized Trump's attacks on the Fed. They argue that the central bank's independence is crucial to maintaining economic stability and preventing short-term political pressures from influencing policy decisions.
Former economic officials have joined the chorus of support for Powell, including former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan. More than a dozen past leaders issued a statement on January 12 warning that Trump's approach has "no place" in US monetary policy-making, citing its potential to lead to negative consequences for inflation and economic stability.
Internationally, central bankers have also rallied around Powell, praising his commitment to the public interest and integrity. The heads of the European Central Bank, Bank of England, and Bank of Canada, among others, signed a letter expressing their admiration for Powell's leadership.
The outpouring of support for Powell from Wall Street has highlighted the importance of Fed independence in maintaining economic stability. As Trump continues to pressure the central bank to cut interest rates, many are questioning whether his approach is driven by short-term political considerations rather than long-term economic benefits.
The US banking community has spoken out in support of Federal Reserve Chair Jerome Powell, following President Donald Trump's escalating efforts to undermine the central bank's autonomy. CEO Jamie Dimon from JPMorgan Chase was among those who publicly backed Powell, warning that interference with the outgoing Fed chair could "undermine the foundation" of the US economy.
Dimon's comments marked a shift in his earlier stance on policy disagreements, as he had previously sought to maintain a neutral tone while still disagreeing with Trump's views. However, the President has taken a harder line against Dimon, labeling him "wrong" and suggesting that he may prefer higher interest rates for personal gain.
Other banking leaders, including Bank of America CEO Brian Moynihan and head of the Bank of New York Mellon Robin Vince, have also criticized Trump's attacks on the Fed. They argue that the central bank's independence is crucial to maintaining economic stability and preventing short-term political pressures from influencing policy decisions.
Former economic officials have joined the chorus of support for Powell, including former Fed chairs Janet Yellen, Ben Bernanke, and Alan Greenspan. More than a dozen past leaders issued a statement on January 12 warning that Trump's approach has "no place" in US monetary policy-making, citing its potential to lead to negative consequences for inflation and economic stability.
Internationally, central bankers have also rallied around Powell, praising his commitment to the public interest and integrity. The heads of the European Central Bank, Bank of England, and Bank of Canada, among others, signed a letter expressing their admiration for Powell's leadership.
The outpouring of support for Powell from Wall Street has highlighted the importance of Fed independence in maintaining economic stability. As Trump continues to pressure the central bank to cut interest rates, many are questioning whether his approach is driven by short-term political considerations rather than long-term economic benefits.
. I think its more than just a PR stunt - its a reflection of how much the banking community values Fed independence 
. Without an independent central bank, you have politicians making decisions based on what's good for their next election cycle rather than what's best for the country as a whole 
. Its a slippery slope when that happens and I'm glad to see the likes of Jamie Dimon and others speaking out against Trump's attempts to undermine Powell 
.
he thinks he can just dictate what's best for the economy and get away with it? newsflash don't work that way 
i mean come on, the fed has been around since like 1913 or something and they've managed to keep us from going bankrupt all these years without trump's help. and now he's trying to strong arm jerome powell into doing his bidding? give me a break 
anyway, i'm glad to see some of these banking bigwigs standing up for powell and telling trump where to get off 
maybe someone will finally take him seriously.
. I mean, Jamie Dimon's been a major player in speaking out against Trump's attacks on the Fed - it's clear he values independence over personal gain 
. It's interesting that international central bankers are weighing in too - they're basically saying that Fed independence is key to keeping the economy stable 
. I'm curious to see how this whole thing plays out, but so far, Powell seems to be riding high 
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ok so like, trump's trying to take down Jerome Powell but instead wall street is all about him 
the fed's independence is key, right? can't let politics dictate economic decisions 
.
. And this is exactly what's happening right now - Trump trying to undermine the Fed, which is basically his own personal enemy 
. Powell and all those other experts know what's good for this economy, and if anyone tries to mess with that, there will be consequences.
. It's like the whole financial world is watching this drama unfold, and I'm just hoping everyone stays calm and doesn't do anything rash 
. Long-term economic benefits are what we need right now - can't have that with Trump at the helm 
.
. But seriously, it's kinda funny how Jamie Dimon went from being all neutral to straight-up backing Powell 
. International central bankers are all about it, too - I guess you could say they're not just "banking on" Powell's leadership 
. Anyway, one thing's for sure: if Trump keeps trying to meddle with the Fed, we might see some economic chaos down the line 
. These CEOs aren't exactly known for their progressive views so for them to jump to Powell's defense means they've got some serious concerns 
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The fact that so many experts are warning against this approach just highlights how unprepared we are for the consequences of such actions. And thats not even mentioning the damage it would do to Powell's legacy and the integrity of the fed 
.
I mean, can't we all just agree that the Fed does its thing and leaves politics out of it? It's like, they're trying to make a buck (literally) but now everyone's getting all worked up over Trump's tweets... 
The CEOs are chiming in left and right, and honestly, I don't really care who's "right" or "wrong". What bothers me is that this is basically creating a toxic environment where people are more worried about their own interests than the actual state of the economy. And let's be real, who needs interest rates to decide whether they get a promotion? 
. And I love how all these former Fed chairs are coming out of the woodwork to defend Powell - Janet Yellen and Ben Bernanke, y'all must be sipping tea in your rockers, reminiscing about the good ol' days 
. Like, can you even imagine? That's not something to be taken lightly at all. And I'm not just talking about Dimon, other banking leaders and even former economic officials are speaking out against Trump's approach too 
I mean i knew he was trying to control the Fed but come on, this is getting out of hand. Dimon and those other CEOs are speaking out for a reason, its not just about keeping their jobs, its about preserving the economy 
.
! I mean, we don't wanna see Trump comin' in here and messin' with the Fed's vibe, you know? They're tryin' to keep it real, keep the economy stable 
It'll be interesting to see how this all plays out, I'm keeping an eye on it. 
. It's like, they get it - the Fed needs to be independent 
or else we'd be in trouble with our economy 
. Powell's been doing a good job, so it's only fair that people support him 
.