Dimon warns attacks on Powell could backfire, drive up interest rates
https://thehill.com/business/5687352-dimon-criticizes-fed-powell-probe/?utm_sf_post_ref=650929360&utm_sf_cserv_ref=7533944086&fbclid=Iwb21leAPT2XdleHRuA2FlbQIxMQBzcnRjBmFwcF9pZAwzNTA2ODU1MzE3MjgAAR6Eu51qierEatYkkmAe8g7KSteBgop7mONbZUUxa3NsL4QHS7qHZERAkHxq1g_aem_Zm-WXn1Xk70gFQkQMjfsmw
Posted by kootles10
4 Comments
From the article:
JPMorgan Chase CEO Jamie Dimon said the Department of Justice (DOJ) probe into Federal Reserve Chair Jerome Powell could result in increased inflation and interest rates.
Speaking to reporters on the call for his company’s fourth-quarter results, Dimon said “anything that chips away” at the independence of the central bank “is probably not a good idea,” according to multiple reports.
You can’t say shit like this out loud because then the narrative just becomes “they aren’t even trying to do what’s best for America, they’re not lowering the interest rates out of spite”
A lot of folks think the Fed is toast come May. I personally still believe in the independence of this body and think even if Trump installs a sycophant… little will change immediately. I think this is the global view as well.
Weather this short storm of Trump because nothing can really change much even under a new Fed Chairman who will have to contend with 11 other Fed governors (hopefully Powell still too!)
However… weaponizing the DOJ against the Fed? That is speed running the collapse of global confidence and is not a world any of us want to live in.
Up until this point I was believing that the end game for all the chaos was to line all the pockets of the billionaire class, but it seems like there’s been a pretty clear rebuke from Wall Street and big finance.
Now I’m left wondering, what’s more terrifying, the reality where the Trump admin orchestrated our collapse to allow their friends to pick the carcass clean or the alternative, the Trump admin legitimately thinks their moves are good for the economy….