Trump Called the Fed’s Rate Hikes ‘Crazy.’ The Banking World Respectfully Disagrees [Fortune]
JP Morgan Chase & Co. (JPM)
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Source: Fortune
After President Donald Trump attacked the Federal Reserve over its interest rate hikes on Wednesday, senior officials and banking chiefs have raced to defend the U.S. central bank and its chairman, Jerome Powell. In the context of a Wall Street stock tumble that went on to reverberate around the world, Trump said the Fed had “gone crazy” and was “making a mistake.” Voting for four hikes in the last year, the Fed has been trying to prevent the economy from overheating—raising interest rates essentially discourages borrowing. Another hike is expected before 2018 is over. Efforts to cool down the market generally accompany rises in inflation, but there are few signs of that at the moment. However, these interest rate hikes are coming from a very low point, which was designed to aid recovery after the financial crisis. According to JPMorgan Chase International’s chairman, Jacob Frenkel, the Fed’s efforts to normalize interest rates are, well, normal. Frenkel told
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JPM
Earnings
- 4/12/24 - Beat
JPM
Sec Filings
- 4/25/24 - Form 424B2
- 4/25/24 - Form DEFA14A
- 4/25/24 - Form 424B2
- JPM's page on the SEC website