JP MORGAN CHASE(US:JPM) 华尔街见闻·2025-12-13 11:54Core Viewpoint - Jamie Dimon, CEO of JPMorgan Chase, supports Kevin Warsh for the Federal Reserve chairmanship, believing he would be a "great chairman" and warning against Kevin Hassett's potential influence from the White House, which could undermine the Fed's independence [1][2]. Group 1: Dimon's Analysis - Dimon warns that if Hassett is appointed, he may quickly lower short-term interest rates to align with Trump's economic demands, but the Fed can only control short-term rates while long-term rates are determined by the market [2]. - Concerns arise that aggressive rate cuts under Hassett could ignite inflation expectations, leading to a rise in long-term rates, such as the 10-year Treasury yield, due to investor sell-offs [2][3]. Group 2: Market Reactions - Since reports of Hassett's candidacy emerged, the 10-year U.S. Treasury yield has increased from 4.0% to 4.2%, indicating market pricing for the associated risks [3]. - There is growing anxiety among bond market traders regarding inflation, as the 5-year forward inflation swap rate has recently risen by 0.06 percentage points, reaching a one-month high [3]. Group 3: Investor Concerns - Senior investors managing a $30 trillion U.S. Treasury market have expressed concerns to Treasury officials about Hassett's political ties to Trump, questioning the potential impact on the credibility of monetary policy [5]. Group 4: Selection Process - Trump has expressed dissatisfaction with current Fed Chair Jay Powell's policies and has indicated that loyalty and willingness to cut rates are key criteria for his selection of a new chair [7]. - The selection process, led by incoming Treasury Secretary Scott Bansen, continues, with Trump expected to interview more candidates soon [9].