Jamie Dimon, the CEO of JPMorgan Chase & Co. (NYSE:JPM), has reportedly visited the White House twice in the past two months. This marks a significant shift in the relationship between the head of the largest American bank and President Donald Trump.
Dimon And Trump Discuss Economy, Housing And Interest Rates In Oval Office Meeting
Dimon met with Trump in the Oval Office last week to discuss the economy, trade, and financial regulation. Also present at the meeting were Treasury Secretary Scott Bessent and Commerce Secretary Howard Lutnick. The conversation touched on topics such as the ongoing shortage of affordable housing, the effects of post-2008 financial crisis regulations on American homeownership, and the contentious issue of interest rates, on which Dimon and Trump have publicly disagreed, reported The Wall Street Journal.
Dimon, who has consistently supported Federal Reserve Chair Jerome Powell and the Fed’s independence, told Trump that interest rates could be lowered if the economy is strong enough. This isn't the first time Dimon has shared this perspective with Trump. The meeting occurred soon after Trump visited a construction site at the Federal Reserve — a visit that has stirred criticism of Powell among the president's supporters.
Dimon’s Past Warnings On Trump Tariffs, High Interest Rates
The recent meetings between Dimon and Trump come as a surprise, given their history of public disagreements and insults. The two had not had a substantial conversation for years, and their public exchanges had been acrimonious.
In May, Dimon reportedly committed to intensifying JPMorgan’s association with Chinese capital markets following a meeting with high-ranking Chinese officials, including Beijing's chief trade negotiator, He Lifeng. This commitment followed a recent agreement between Beijing and Washington to decrease tariffs, indicating a significant relaxation of trade tensions.
Earlier in the same month, Dimon, who had correctly predicted trouble before the 2008 Lehman Brothers collapse, warned that Wall Street's expectations for S&P 500 earnings growth could plummet from 12% to 0% as tariff impacts ripple through the economy.
While Dimon support’s Fed’s independence, he also warned about the potential underestimation of the risk of higher U.S. interest rates, calling it a “cause of concern.”
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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
