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

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

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

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

JPMorgan CEO Jamie Dimon hit back at allies of President Trump on Tuesday, warning that the independence of the Federal Reserve is “absolutely critical” amid a move by GOP bigwigs to force under-fire Chair Jerome Powell to resign.

JPMorgan’s second-quarter profit fell to $14.2 billion in second quarter, but the New York bank beat Wall Street expectations.