WSJ What’s News JPMorgan’s Jamie Dimon Says It’s a Bad Idea to Interfere With the Fed
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Jan 13, 2026 
JPMorgan CEO Jamie Dimon defends the independence of the Federal Reserve, stressing its importance amidst ongoing investigations. Alexander Saeedy analyzes the implications of Dimon's stance for Wall Street and reveals insights from JPMorgan’s earnings about consumer spending and credit trends. Meanwhile, Alexander Ward discusses U.S. options regarding rising tensions with Iran, highlighting Gulf states' cautious lobbying against military action. This insightful conversation covers critical economic and geopolitical issues shaping today's landscape.
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Fed Independence Is A Financial Third Rail
- Jamie Dimon warned that interfering with the Federal Reserve would erode trust and raise inflation and interest rates over time.
- Wall Street executives broadly view Fed independence as a "third rail" necessary to preserve investment confidence.
Consumer Spending Looks Healthy At JPMorgan
- J.P. Morgan reported strong consumer spending and improving credit metrics, with card delinquencies down and spending up 7% year-over-year.
- The bank's wealthy-leaning customer base suggests the data may slightly overstate the experience of lower-income groups.
Inflation Steady But Above Target
- December inflation held at 2.7% year-over-year, above the Fed's 2% target but not accelerating.
- The Fed will likely wait for clearer evidence on job-market weakening or fading price pressures before changing policy.