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Fortune

Eleanor Pringle

Jamie Dimon backs Jerome Powell's rate cut strategy

Jamie Dimon Jay Powell US Federal Reserve JPMorgan

Left: JPMorgan CEO Jamie Dimon. Right: Fed chairman Jay Powell. (Credit: Hollie Adams—Bloomberg/Getty Images; Right: Al Drago—Bloomberg/Getty Images)

The Fed may claim it's not Jay Powell's job to please the markets, but backing from JPMorgan CEO Jamie Dimon doesn’t hurt.

In September, Powell and the Federal Open Market Committee (FOMC) cut the U.S. base rate by 50 basis points—twice the 25 bps most analysts had expected.

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