Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.

The Federal Reserve last month voted unanimously to leave rates unchanged. Fed Chair Jerome Powell said he expected “meaningful” inflation ahead as consumers pay more for goods due to the administration’s planned import tariffs. President Trump has demanded immediate steep cuts, and called for Powell to resign.

The CEO of the biggest U.S. bank warned Tuesday that “playing around with the Fed can often have adverse consequences.”

"It doesn't occur to me in the slightest that there would be any situation in which I would not complete my term other than dying," Powell said in 2019.

JPMorgan CEO Jamie Dimon warned that President Trump’s trade policies pose “significant risks” to the US economy — even as the bank announced second quarter profits that were once again boosted by

JPMorgan Chase CEO Jamie Dimon said Tuesday that the independence of the Federal Reserve is 'absolutely critical' and that 'playing around with the Fed can often have adverse consequences.'