JPMorgan CEO Jamie Dimon says Federal Reserve’s independence is “absolutely critical”

JPMorgan CEO Jamie Dimon on Tuesday

• stressed the importance of preserving the Federal Reserve’s independence, calling it “absolutely critical.”
• Speaking during the bank’s second-quarter earnings call, Dimon said that independence must be maintained not only under current Chair Jerome Powell — whom he expressed respect for — but also for future Fed leaders.
• He warned that political interference in the central bank’s operations “can often have adverse consequences.”

MUFG with similar points:

• expect legal challenge immediately to any attempt to fire Federal Reserve Chair Powell
• forecast a long-lasting hit to confidence in the institution

This article was written by Eamonn Sheridan at www.forexlive.com.

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