Wall Street's Unwavering Support for Powell as Trump's Attacks on Fed Independence Gain Steam
The banking elite has collectively expressed its backing for Federal Reserve Chair Jerome Powell, following a recent escalation of attacks from President Donald Trump on the central bank's independence. CEOs from top Wall Street firms such as JPMorgan Chase and Bank of America have publicly rallied around Powell, warning that any interference with his leadership could undermine the foundation of the US economy.
Their unified stance is a stark contrast to the President's aggressive push for faster interest rate cuts, which he has framed as a means to boost economic growth. However, the CEOs see the Fed's autonomy as crucial to maintaining an economy that is resilient and not susceptible to short-term political pressures.
"This is where everyone we know believes in Fed independence," said Jamie Dimon, CEO of JPMorgan Chase. "Anything that chips away at that is probably not a great idea, and in my view will have the reverse consequences." Dimon's statement comes as he has previously sought to maintain a cordial relationship with Trump.
Dimon was among several high-profile banking leaders who publicly condemned Trump's attempts to undermine Powell's authority. These executives, who have traditionally sought to build relationships with the President, have now made it clear that they will not compromise on the issue of Fed independence.
"The loss of Fed independence tends to lead to steeper yield curves and other damage to ongoing economic dynamism," said Jeremy Barnum, JPMorgan's chief financial officer. "It is fair game to offer critical commentary on the Fed's decisions, but it should never come at the cost of undermining their autonomy."
While some executives have walked a fine line in criticizing Powell's policies while maintaining a relationship with Trump, others have taken a more assertive stance. Robin Vince, head of Bank of New York Mellon, described an investigation into the Fed as "counter-productive" and warned that such actions could put the bond market at risk.
The President's escalating attacks on the Fed have been met with fierce resistance from Wall Street leaders, who see Powell as a steadfast guardian of economic stability. More than a dozen former economic officials, including former Fed chairs Janet Yellen and Ben Bernanke, recently issued a statement condemning Trump's approach as "akin to how monetary policy is made in emerging markets with weak institutions."
Internationally, central bankers have also rallied around Powell, hailing him for his integrity and commitment to the public interest. The European Central Bank, Bank of England, and Bank of Canada, among others, signed a letter expressing their respect and admiration for the Fed Chair.
As tensions between Trump and the Fed continue to escalate, it remains to be seen how long Wall Street will maintain its backing for Powell. However, one thing is clear: the banking elite sees the Fed's autonomy as essential to maintaining an economy that is strong, resilient, and free from short-term political pressures.
The banking elite has collectively expressed its backing for Federal Reserve Chair Jerome Powell, following a recent escalation of attacks from President Donald Trump on the central bank's independence. CEOs from top Wall Street firms such as JPMorgan Chase and Bank of America have publicly rallied around Powell, warning that any interference with his leadership could undermine the foundation of the US economy.
Their unified stance is a stark contrast to the President's aggressive push for faster interest rate cuts, which he has framed as a means to boost economic growth. However, the CEOs see the Fed's autonomy as crucial to maintaining an economy that is resilient and not susceptible to short-term political pressures.
"This is where everyone we know believes in Fed independence," said Jamie Dimon, CEO of JPMorgan Chase. "Anything that chips away at that is probably not a great idea, and in my view will have the reverse consequences." Dimon's statement comes as he has previously sought to maintain a cordial relationship with Trump.
Dimon was among several high-profile banking leaders who publicly condemned Trump's attempts to undermine Powell's authority. These executives, who have traditionally sought to build relationships with the President, have now made it clear that they will not compromise on the issue of Fed independence.
"The loss of Fed independence tends to lead to steeper yield curves and other damage to ongoing economic dynamism," said Jeremy Barnum, JPMorgan's chief financial officer. "It is fair game to offer critical commentary on the Fed's decisions, but it should never come at the cost of undermining their autonomy."
While some executives have walked a fine line in criticizing Powell's policies while maintaining a relationship with Trump, others have taken a more assertive stance. Robin Vince, head of Bank of New York Mellon, described an investigation into the Fed as "counter-productive" and warned that such actions could put the bond market at risk.
The President's escalating attacks on the Fed have been met with fierce resistance from Wall Street leaders, who see Powell as a steadfast guardian of economic stability. More than a dozen former economic officials, including former Fed chairs Janet Yellen and Ben Bernanke, recently issued a statement condemning Trump's approach as "akin to how monetary policy is made in emerging markets with weak institutions."
Internationally, central bankers have also rallied around Powell, hailing him for his integrity and commitment to the public interest. The European Central Bank, Bank of England, and Bank of Canada, among others, signed a letter expressing their respect and admiration for the Fed Chair.
As tensions between Trump and the Fed continue to escalate, it remains to be seen how long Wall Street will maintain its backing for Powell. However, one thing is clear: the banking elite sees the Fed's autonomy as essential to maintaining an economy that is strong, resilient, and free from short-term political pressures.
. Like, who wouldn't want a bunch of billionaires with access to unlimited cash backing up their friend's decisions? It's like they're trying to create a private club where only the right people get to decide how the economy works 
. And let's be real, if any of these execs had actually read some economics books instead of just playing Monopoly, they'd know that Fed independence is basically the foundation of an actual functioning economy 
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nostalgia of CEOs standing up to Trump like this reminds me of the good old days when they actually cared about the country not just their own pockets 
jerry dimon is speaking truth here, gotta respect his stance even if he did try to maintain a cordial relationship with trump before 
but seriously though this is what we need more of - leaders who put the country's interests above their own interests 
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is a testament to their understanding of the delicate balance between economic stability and political interference 
, it's heartening to see the banking elite standing in solidarity with Powell 
. The CEOs' warnings about undermining the foundation of the US economy are spot on 
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. The letter signed by the European Central Bank, Bank of England, and Bank of Canada, among others, speaks volumes about their respect and admiration for Powell's integrity 
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so I was just thinking what if trumps attacks on the fed keep up? like how would that affect our economy? 
i think a lot of people would lose faith in the system if the fed starts making decisions based on politics instead of data 
and it's not just about the economy, it's also about national security 
i guess only time will tell, but for now im just gonna keep my fingers crossed that powell can keep doing his thing 
powell's got a crew of CEOs backing him up like he's the only one who knows what's good for the economy 
anyone who thinks fed independence is up for grabs needs to take a seat and get educated on how economies actually work 
Trump's constant attacks on the Fed are really messing with his own people on Wall Street 
It's not like they're being partisan or anything, they just want what's best for the country 
. Their commitment to economic stability and their dedication to upholding the principles of central bank independence have created a ripple effect, inspiring a new generation of leaders to stand firm on these issues.
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my BFF's been stressing about her ex's involvement with Trump's crew and now she's breathing a sigh of relief 
they're saying that anything that undermines the Fed's authority would be a disaster for the economy. I get it though, Wall Street knows how important it is for the Fed to make decisions without being influenced by politics 
. We need more people advocating for what's best for the economy, not just what's good for their bottom line 
- even if it means Trump gets a little steamed 
. I mean, who doesn't love the idea of a steady economy, right? 
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