Trump Slams Jamie Dimon's Comments On Fed Independence And Credit Card Rate Cap: 'Maybe He Makes More Money...'

President Donald Trump reiterated that the involvement rates should beryllium lowered, dismissing warnings by JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon astir the imaginable antagonistic effects of governmental interference with the Federal Reserve.

“Jamie Dimon astir apt wants higher rates. Maybe helium makes much wealth that way,” stated Trump portion speaking to reporters astatine Joint Base Andrews in Maryland on Tuesday.

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He besides slammed Dimon for his instrumentality connected the 10% involvement complaint headdress connected recognition cards that Trump has called for. “Whether it’s Jamie Dimon oregon anybody else,” people paying 28% involvement should be protected and banks charging 28% to 35% involvement should supply a interruption for astatine slightest a year, Trump said.

Dimon, connected Tuesday, defended the Federal Reserve, informing that immoderate governmental interference with the cardinal bank’s independency is “not a bully idea” and could pb to ostentation and a emergence successful involvement rates, contradicting Trump’s extremity of lowering rates. However, helium added that helium doesn’t hold with everything the Fed does.

On the aforesaid lines, the DOJ's transgression probe into Powell has alarmed immoderate Republicans, who pass that this could thrust involvement rates higher alternatively of lowering them.

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Meanwhile, the bank’s fourth-quarter earnings report revealed a resilient U.S. economy, with sustained user spending contempt a 7% year-over-year alteration successful nett income. “Card is 1 illustration of diligent and thoughtful deployment of our excess superior into charismatic opportunities,” stated Dimon.

The bank’s CFO, Jeremy Barnum, warned that Trump’s connection to cap recognition paper involvement rates could person a important “negative consequence” connected the recognition markets and could beryllium counterproductive, perchance reshaping the quality and proviso of recognition services.

“It would beryllium melodramatic connected subprime,” added Dimon, speaking to analysts during the net telephone connected Tuesday.

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