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

JPMorgan Chase CEO Jamie Dimon said on Tuesday the independence of the Federal Reserve is "absolutely critical".

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.

JPMorgan Chase CEO Jamie Dimon defended the Federal Reserve's independence amidst President Trump's pressure for rate cuts, cautioning against policy interference. Dimon highlighted potential adverse consequences of meddling with the central bank.

The JPMorgan Chase chief has long been skeptical of the nontraditional, and less regulated, lending business. Now he thinks its best days may be over.

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