Wall Street rallies behind Jerome Powell as Fed independence comes under threat from Trump's escalating attacks.
The CEOs of several major banks, including Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America, have publicly expressed their support for Federal Reserve Chairman Jerome Powell in the face of a growing threat to the central bank's autonomy. The bankers are warning that any attempt by President Trump to undermine Powell or intervene in the Fed's decision-making process could lead to short-term economic instability.
The Trump administration has been intensifying its attacks on the Fed, with President Trump threatening to fire Powell and nominating loyalists to fill board vacancies. However, Wall Street executives have come out in strong support of Powell, emphasizing the importance of the Fed's independence in maintaining a stable economy.
"Everyone we know believes in Fed independence," said Dimon during a recent call with reporters. "Anything that chips away at that is probably not a great idea, and in my view will have the reverse consequences."
Dimon's comments are notable, as he has traditionally maintained a close relationship with Trump. However, it appears that even Wall Street executives are now willing to take a stand against the President's aggressive efforts to undermine the Fed.
The bankers' support for Powell is not limited to just JPMorgan Chase and Bank of America. More than a dozen former economic officials, including former Federal Reserve Chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, have also issued a statement warning that Trump's approach is "no place" in the US.
Internationally, central bankers have also rallied around Powell, with the heads of several major central banks issuing a joint letter praising his integrity and commitment to the public interest. The European Central Bank, Bank of England, and Bank of Canada are among those that have signed the letter.
The growing rift between Trump's administration and Wall Street highlights the deepening divide between the White House and the financial community. As the President's attacks on the Fed continue, it is likely that more CEOs will follow Dimon's lead and publicly express their support for Powell.
The CEOs of several major banks, including Jamie Dimon of JPMorgan Chase and Brian Moynihan of Bank of America, have publicly expressed their support for Federal Reserve Chairman Jerome Powell in the face of a growing threat to the central bank's autonomy. The bankers are warning that any attempt by President Trump to undermine Powell or intervene in the Fed's decision-making process could lead to short-term economic instability.
The Trump administration has been intensifying its attacks on the Fed, with President Trump threatening to fire Powell and nominating loyalists to fill board vacancies. However, Wall Street executives have come out in strong support of Powell, emphasizing the importance of the Fed's independence in maintaining a stable economy.
"Everyone we know believes in Fed independence," said Dimon during a recent call with reporters. "Anything that chips away at that is probably not a great idea, and in my view will have the reverse consequences."
Dimon's comments are notable, as he has traditionally maintained a close relationship with Trump. However, it appears that even Wall Street executives are now willing to take a stand against the President's aggressive efforts to undermine the Fed.
The bankers' support for Powell is not limited to just JPMorgan Chase and Bank of America. More than a dozen former economic officials, including former Federal Reserve Chairs Janet Yellen, Ben Bernanke, and Alan Greenspan, have also issued a statement warning that Trump's approach is "no place" in the US.
Internationally, central bankers have also rallied around Powell, with the heads of several major central banks issuing a joint letter praising his integrity and commitment to the public interest. The European Central Bank, Bank of England, and Bank of Canada are among those that have signed the letter.
The growing rift between Trump's administration and Wall Street highlights the deepening divide between the White House and the financial community. As the President's attacks on the Fed continue, it is likely that more CEOs will follow Dimon's lead and publicly express their support for Powell.
. I mean, Jerome Powell's been doing his thing, trying to keep the economy stable, and now Trump's coming at him like a bull in a china shop 
. But you know, it's not just Powell who's under attack - it's the whole idea of central bank independence 
. It's crazy that Wall Street is speaking out against this, 'cause I think most people would agree with them 
. The bankers are basically saying that if Trump tries to mess with the Fed, he'll just end up causing more problems than good 
. And it's not just the CEOs who are backing Powell - all these former economic bigwigs are chiming in too 
. I think this whole thing is gonna get a lot more interesting before it's over 
.
. Plus, its always good to see international central bankers standing by Powell - they must really respect him 
.
The bankers are worried about the economy stability, and thats a big deal. Even Jamie Dimon who knows Trump already said no way to him trying to mess with Fed's decision making process. Its interesting that former economic officials like Janet Yellen also spoke out against this approach, its clear that Wall Street is behind Powell 
. I mean, who needs a President who's basically trying to dismantle the very foundation of our economy? It's like they think the Federal Reserve is just some puppet bank that can be controlled by Trump at will 
. Newsflash, dude: the Fed isn't a company that can be bought or intimidated 
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. It's about time some of these Wall Street bigwigs realized that their job is to protect the country's interests, not just their own pockets 
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. The fact that major bank CEOs like Jamie Dimon are speaking out against Trump's attacks on the Fed is a big deal 
. That says a lot about the value they place on Fed independence and stability. I'm curious to see how this plays out - will more CEOs join Dimon in supporting Powell, or is this just a one-off statement? Either way, it's a bold move by Wall Street to stand up for what they believe in 
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. The fact that Wall Street is coming out in support of Powell shows just how divided the US is right now 
. It's like, can't we all just get along and support our Fed? 
They have the best Korean BBQ tacos, right? Anyway, back to this Jerome Powell guy... I think he's doing a good job leading the Fed, but at the same time, I'm worried about the impact of all these Wall Street CEOs speaking out against Trump. It feels like they're taking sides, you know? Like, can't we just have a neutral discussion about monetary policy or something? 
And why does this have to affect everyone else too? Like, what if Powell doesn't even care what Wall Street thinks?