JPMorgan CEO Jamie Dimon on Thursday told a closed-door group of asset-management chiefs in New York that he supports Kevin Warsh to lead the Federal Reserve. Jamie said he believes Kevin Hassett would likely support Donald Trump’s call for faster rate cuts if he becomes chair, but Warsh would be harder to bend. That closed-door meeting came during a busy week in Washington. Trump had just met Kevin at the White House on Wednesday alongside Treasury Secretary Scott Bessent and many other senior officials. Cryptopolitan reported that the meeting saw Kevin facing a direct round of questions, because Trump plans to make his final decision “in the coming weeks.” As you should know, the president has been pushing the Fed to lower borrowing costs and has repeatedly attacked current chair Jay Powell, calling him a “numbskull” and a “moron.” Powell has said earlier this week that the Fed is “well positioned to wait to see how the economy evolves” after cutting rates for the third straight meeting, which brought the policy rate to a three-year low, as Cryptopolitan reported live. Trump moves markets while the Fed faces internal split Prediction traders reacted fast after Trump told the Wall Street Journal that Kevin “is” his leading pick. On Kalshi, Kevin’s odds for the job rose from about 15% to 40%. Hassett’s chances dropped below 60% after sitting near 80% earlier in the week. Trump played up both men by saying, “I think you have Kevin and Kevin. They’re both — I think the two Kevins are great.” Investors treated the remarks as a fresh read on the race and priced them in quickly. Inside the Fed, Wednesday’s policy meeting revealed deep disagreement, with some regional bank leaders arguing against more cuts, while Powell said the bar for more easing is high. The meeting was described as tense, with some presidents pushing to hold rates steady. Jamie warned earlier this year that “the independence of the Fed is absolutely critical” and said that interference “can often have adverse consequences.” JPMorgan declined to comment on what he said Thursday night. His current stance comes as Trump tests the limits of presidential power over the central bank. Supreme Court weighs Trump’s authority as other candidates fade The Supreme Court is set to hear a major case next month on Trump’s ability to fire agency officials even when Congress gave them job protection. The court’s conservative majority appears open to expanding Trump’s removal powers, but they have shown hesitation about applying that to the Fed. Last May, the court said the Fed has unique traits that separate it from other agencies. Even with that view, Trump moved in August to fire Fed Governor Lisa Cook, igniting a legal fight that could reshape the boundaries of Fed independence. The U.S. Chamber of Commerce filed a brief urging the court to treat the Fed differently. The group pointed to the Sinking Fund Commission created in 1790 as proof that monetary bodies have long operated outside presidential control. Some legal scholars dispute that reading and say it misrepresents the Fed’s design. Other names once in the mix included Fed Governors Christopher Waller and Michelle Bowman, and Rick Rieder, who runs fixed income at BlackRock. They were part of an original list of 11 candidates, but traders on Kalshi have now pushed their odds near zero. The contest is now treated as a two-person race, and Jamie made it clear which Kevin Wall Street wants for the job. Want your project in front of crypto’s top minds? Feature it in our next industry report, where data meets impact.
