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JPMorgan's Dimon signals support for Kevin Warsh as Fed chair, FT reports

BY Reuters | ECONOMIC | 07:45 PM EST

Dec 12 (Reuters) - JPMorgan (JPM) top boss Jamie Dimon signaled support for former Federal Reserve Governor Kevin Warsh as the next chair of the U.S. central bank, the Financial Times reported on Friday.

Earlier in the day, President Donald Trump said he was leaning toward either Warsh or National Economic Council Director Kevin Hassett to lead the Fed next year.

Dimon says Hassett is the candidate likelier to cut rates in the short term, according to the report. He made the remarks at the bank's private conference for asset management CEOs in New York on Thursday evening, the Financial Times report added.

Reuters could not immediately verify the report. JPMorgan (JPM) did not immediately respond to a Reuters request for comment.

Trump has been critical of the Fed and its chair, Jerome Powell, for not making dramatic cuts to interest rates.

When asked by reporters in a separate Oval Office event whether he should have a say in Fed decisions on interest rates, Trump said he should at least be consulted.

The Fed cut rates by a quarter point on Wednesday. (Reporting by Ananya Palyekar in Bengaluru; Editing by Himani Sarkar)

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In general the bond market is volatile, and fixed income securities carry interest rate risk. (As interest rates rise, bond prices usually fall, and vice versa. This effect is usually more pronounced for longer-term securities.) Fixed income securities also carry inflation risk and credit and default risks for both issuers and counterparties. Unlike individual bonds, most bond funds do not have a maturity date, so avoiding losses caused by price volatility by holding them until maturity is not possible.

Lower-quality debt securities generally offer higher yields, but also involve greater risk of default or price changes due to potential changes in the credit quality of the issuer. Any fixed income security sold or redeemed prior to maturity may be subject to loss.

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