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Jamie Dimon touts Fed independence as Trump ponders replacing Jerome Powell
UNITED STATES, JUL 15 – JPMorgan CEO Dimon warns that political pressure on the Federal Reserve risks destabilizing markets and increasing inflation and borrowing costs, amid ongoing trade tensions.
- President Donald Trump proposed the idea of firing Federal Reserve Chairman Jerome Powell, causing volatility in the U.S. stock market on Wednesday, with the Dow Jones gaining 231 points by the end of the day.
- Jamie Dimon, CEO of JPMorgan Chase, cautioned Trump that meddling with Fed independence could lead to adverse effects on financial markets, emphasizing that the Fed's independence is critical.
- Inflation at the wholesale level slowed to 2.3% last month, providing an encouraging signal to the economy, according to a Wednesday report.
- Despite Trump's threats to fire Powell, financial experts suggest that such actions could have calamitous repercussions, causing instability in markets and raising interest rates.
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Coverage Details
Total News Sources91
Leaning Left21Leaning Right19Center23Last UpdatedBias Distribution37% Center
Bias Distribution
- 37% of the sources are Center
37% Center
L 33%
C 37%
R 30%
Factuality
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