JPMorgan and Bank of America Analyze Impact of Trump's New Policies
JPMorgan's Response
JPMorgan Chase, the largest US bank, has established a "war room" to analyze the implications of President Trump's new policies. Mary Callahan Erdoes, head of asset and wealth management at JPMorgan, remarked on the significant changes emerging from the first day of Trump's presidency.
Erdoes noted the positive implications of reduced regulations for large banks like JPMorgan, particularly in the areas of lending and economic growth. She also praised the new requirement for government workers to return to in-office work schedules.
Bank of America's Perspective
Bank of America, the second-largest US bank, is closely monitoring Trump's policies, particularly the potential impact of tariffs. CEO Brian Moynihan indicated that tariffs in the range of 10% to 15% would have minimal economic or inflationary consequences. However, he acknowledged that higher tariffs could warrant closer consideration.
Moynihan also highlighted the importance of the Federal Reserve's response to the new fiscal policies introduced by the Trump administration. He suggested that monetary policy may need to adapt to the changing fiscal landscape.