JP Morgan CEO warns that undermining the Federal Reserve's independence could raise borrowing costs

JPMorgan Chase CEO Jamie Dimon stated that the U.S. Department of Justice's actions against the Federal Reserve could undermine the central bank's independence and potentially raise borrowing costs. "Everyone we know believes in the independence of the Federal Reserve," Dimon said during a media conference call following the company's announcement of its fourth-quarter results on Tuesday. "Any action that undermines that independence is probably not a good idea. In my view, this will have the opposite effect. It will raise inflation expectations and could elevate interest rates over time."