Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

The Federal Reserve last month voted unanimously to leave rates unchanged. Fed Chair Jerome Powell said he expected “meaningful” inflation ahead as consumers pay more for goods due to the administration’s planned import tariffs. President Trump has demanded immediate steep cuts, and called for Powell to resign.

JPMorgan Chase CEO Jamie Dimon defended the Federal Reserve's independence amidst President Trump's pressure for rate cuts, cautioning against policy interference. Dimon highlighted potential adverse consequences of meddling with the central bank.

JPMorgan CEO Jamie Dimon sent a message to US President Donald Trump at earnings call of America's biggest bank. He warned that tariffs imposed by Trump could pose “significant risks” to the US economy.

The CEO of the biggest U.S. bank warned Tuesday that “playing around with the Fed can often have adverse consequences.”