Wall Street has pushed back hard against Fed Chair Kevin Warsh's cuts to policy communication and scrapping of forward guidance. JPMorgan CEO Jamie Dimon publicly supports Warsh, calling the reforms 'extraordinarily significant' and dismissing Wall Street's anxiety as 'squealing piglets' that shouldn't block change.
Just in, Federal Reserve Chair Kevin Warsh has taken a knife to the central bank's old communication habits. He wants tighter messaging and an end to forward guidance, and that has shaken Wall Street, where traders and strategists had gotten very used to the Fed spelling things out for them.
Even with the blowback, JPMorgan Chase CEO Jamie Dimon has turned into a loud defender of Warsh. In an interview, Dimon backed the new chair's method and called the reforms 'extraordinarily significant.'
Dimon was in no mood to soften his words when he took on the wave of complaints from peers and analysts. He flatly likened Wall Street's response to 'scared little piglets squealing.' And in his view, fear over less policy transparency is no reason to stop the reform push.
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