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.”

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,

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.

The Consumer Price Index (CPI) for June came in hotter than May's report as the first signs of Trump's tariffs appeared in the economic data. Excluding volatile food and energy prices, consumer prices rose 2.9% year over year compared to a 2.8% increase in May. Results were in line with economists' forecasts.

Dimon cautioned that while the U.S. economy remains resilient, it is still staring at “significant risks” caused by the Trump administration’s tariff policies.