Trump back on speaking terms with world's most powerful banker and it's good news for your money
Dimon, the CEO of JPMorgan Chase, reportedly met with Trump twice in the last couple of months, according to The Wall Street Journal.
Dimon is said to have visited the White House last week where he discussed the economy, trade and financial regulations with the President, Treasury Secretary Scott Bessent, and Commerce Secretary Howard Lutnick.
During the meeting Dimon reportedly congratulated Trump on his new trade deal with Japan, people familiar with the matter told the outlet.
The pair also discussed interest rates, a topic they have publicly disagreed on.
Dimon has vocally supported Federal Reserve chairmain Jerome Powell and expressed the need for the central bank to remain independent.
Trump, on the other hand, has spent months pressuring Powell to cut rates, and has threatened to fire him or appoint a shadow chair.
The independence of the Fed — which sets benchmark interest rates that influence everything from mortgage costs to stock prices — is seen by Wall Street as vital for market stability.
Dimon's support for the Fed and Powell could help to keep the President in check and reduce the likelihood of a rash decision to remove Powell, which could hit Americans' 401(K)s and housing costs.
In last week's meeting Dimon reportedly told Trump he believed that interest rates could come down if the economy is sufficiently strong.
Treasury Secretary Bessent has tried to carry the same message to Trump in the past, according to the publication.
The Fed once again held rates steady on Wednesday after better-than-expected economic data released in the morning.
Trump used the opportunity to demand rates be lowered.
'MUST NOW LOWER THE RATE. No Inflation! Let people buy, and refinance, their homes!' the president wrote in a post on his social media site Truth Social.
Dimon and Trump also reportedly discussed the shortage of affordable housing and the impact of post-financial crisis regulations of homeownership, the Journal reported.
Prior to their recent détente Trump and Dimon have traded insults publicly.
Fed chair Jerome Powell has been under attack from Trump over interest rates
Dimon resigned from a council of leaders after Trump's comments about a white supremacist rally during his first term in office.
The banker also compared Trump's baseless accusations of election fraud in 2020 to treason.
Trump later called Dimon 'highly overrated' in 2023 and has accused JPMorgan of 'debanking' conservatives.
'Jamie and everybody, I hope you're going to open your banks to conservatives, because what you're doing is wrong,' he said in January.
Dimon has also been critical of Trump's aggressive trade policies, claiming they could be inflationary and slow down growth.
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