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.”

This on-again, off-again approach has fueled a wave of uncertainty, compounding concerns over monetary policy and the potential fallout from a sudden change in leadership at the Fed. With the administration making no secret of its desire for lower rates, the prospect of disruption looms large.

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.'

Jamie Dimon, JPMorgan Chase's CEO, cautioned President Trump on the risks of tariffs to the US economy during the bank's earnings call. He stressed the importance of the Federal Reserve's independence,