In a recent earnings call, JPMorgan Chase CEO Jamie Dimon raised a widely discussed point — government intervention in the central bank could be counterproductive. He believes that undermining the Federal Reserve's independence would raise inflation expectations and push up long-term interest rates. This serves as a signal for traders focused on macroeconomic policies.

Dimon's statement is not unfounded. Currently, the relationship between the Federal Reserve and the White House is indeed delicate. Jerome Powell recently publicly stated that he is facing a criminal investigation by the Department of Justice, which is quite rare in the history of the U.S. central bank. In response, the White House said interest rates should be lowered and also hinted that Dimon might prefer high interest rates to profit more.

Interestingly, Dimon's stance resonated with the global financial community. Eleven top central bank leaders, including ECB President Christine Lagarde and Bank of England Governor Andrew Bailey, jointly emphasized that central bank independence is fundamental to maintaining price stability, financial security, and economic growth. The logic behind this is clear: if central banks become political tools, market confidence will waver, and the long-term costs will far outweigh short-term policy gains.

Other major Wall Street firms also couldn't stay silent. Robin Vince, CEO of BNY Mellon, pointed out that undermining the Fed's independence contradicts the goal of improving consumer capacity — you can't stabilize financial markets through political interference. The debate over the boundaries of central bank power will ultimately be reflected in interest rates, exchange rates, and even the pricing of crypto assets.