Wall Street CEOs back Fed independence as Trump administration probes Powell

CEOs from JPMorgan Chase and BNY expressed strong support for the independence of the U.S. Federal Reserve amid a criminal investigation into Fed Chair Jerome Powell by the Trump administration. Jamie Dimon emphasized that Fed independence is crucial for economic stability, warning that political influence could raise inflation expectations and interest rates. Bank of America CEO Brian Moynihan and BNY CEO Robin Vince echoed these sentiments, highlighting the importance of an independent Fed for maintaining confidence in monetary policy and economic success. Concerns were raised about the potential negative impact on global financial markets if Fed independence is compromised.