'Playing around with Fed can...': JPMorgan CEO Jamie Dimon gives message to Trump at earnings call of the America's biggest bank

The boss of JP Morgan Chase, Jamie Dimon, has delivered a message to US President Donald Trump during the bank's second quarter earnings call. Dimon defended the “absolutely critical” independence of the Federal Reserve chair, as Donald Trump continues to demand immediate cuts in interest rates. He also warned against the trade polices of Trump, especially the tariffs pose a "significant risks" to the US economy.

Speaking to reporters as JP Morgan reported its quarterly earnings on Tuesday, Dimon cautioned against interfering with the workings of the US central bank.

What Jamie Dimon said on Fed Chair

“The President said he’s not going to try to remove Jay Powell,” Dimon said after the publication of the bank’s second quarterly earnings report. JPMorgan’s second-quarter profit fell to $15 billion in second quarter, but the New York bank beat Wall Street expectations. JPMorgan earned an adjusted $5.24 per share in the period, beating the $4.48 analysts were calling for but down from last year’s $6.12 per share.


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“The independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, but for the next Fed chairman.” “Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for,” he said.

His remarks come at a time when Trump has called to remove Fed chairman Jerome Powell, a move strongly opposed by Jamie Dimon. Trump has repeatedly criticised Powell, calling him “very dumb” and a “major loser”, and urging him to slash interest rates. The president posted a handwritten note to Powell on social media last week, saying: “You have cost the USA a fortune and continue to do so. You should lower the rate – by a lot!”

Dimon’s remarks came as Bessent told Bloomberg TV that the White House would press ahead with choosing a replacement for Powell. “There are a lot of great candidates. And we’ll see how rapidly it progresses. It’s President Trump’s decision and it will move at his speed,” he said. President Trump — who has repeatedly labeled Powell as “Too Slow” for failing to cut interest rates — on Thursday appointed three new members to the National Capital Planning Commission, which regulates federal development projects.

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Jamie Dimon on tariffs

During the earnings call, Dimon appreciated tac reforms and potential de-regulation as positives but also warned some tariffs, trade uncertainties and ongoing geopolitical tensions might create hurdles for the economic resilience. “The finalization of tax reform and potential deregulation are positive for the economic outlook,” Dimon said, “however, significant risks persist—including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices”.

The Wall Street veteran, at the helm of JPMorgan for nearly two decades, reiterated that the commander-in-chief’s tariff plans could upend growth, while praising the passing of Trump’s Big Beautiful Bill.

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“The US economy remained resilient in the quarter. The finalization of tax reform and potential deregulation are positive for the economic outlook,” Dimon said, also pointing to an uptick in the company’s investment banking profits.

“However, significant risks persist – including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices,” he added. America’s biggest lender said its net income fell to $15 billion, down 17% from the same period last year.