JPMorgan CEO Warns Trump’s Attacks on Fed Could Raise Inflation and Rates

Dimon warns Trump’s attacks on Fed could fuel inflation 

According to Jamie Dimon, CEO of JPMorgan Chase, Donald Trump’s public criticism of the Federal Reserve and its chair, Jerome Powell, could undermine central bank independence and, over time, push up inflation expectations and interest rates. Powell was targeted by a U.S. Department of Justice investigation related to a $2.5 billion renovation of the Fed’s headquarters, which Powell calls politically motivated because he didn’t follow Trump’s wishes on interest rate policy. JPMorgan also reported lower profits, down 7% to approximately $13 billion, partly due to costs associated with its new credit card business. 

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Further reading: JP Morgan boss says Trump attacks on Federal Reserve could push up inflation 

Venezuelan oil shipments to China set to plunge under U.S. blockade

Venezuelan oil exports to China are set to fall sharply starting around February 2026 because the U.S.-enforced blockade is stopping many tankers carrying Venezuelan crude from reaching Asia. Since the blockade began in December, only three tankers have managed to continue toward China, carrying about 5 million barrels of oil (3 million barrels of fuel oil and 2 million barrels of heavy crude). The 5 million barrels of oil are equivalent to about 166,000 barrels per day, and it’s far below the 642,000 bpd Venezuela exported to China in 2025, when China accounted for around 75% of its oil exports. 

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Further reading: Venezuelan oil exports to China set to drop as US blockade limits cargoes

UK awards offshore wind contracts to power 12 million homes

The UK government has awarded contracts to eight new offshore wind projects following its most competitive auction yet. These contracts total 8.4 gigawatts (GW) of offshore wind capacity – a record amount in both British and European auctions. That capacity is estimated to produce enough clean electricity to power more than 12 million UK homes. They were awarded a contract price ranging from £89 to £216/MWh, depending on the project type, in 2024 prices. According to Ed Miliband, Energy Secretary, it’s a key step towards clean power by 2030, and the price secured is 40% lower than the alternative cost of building and operating a new gas plant.

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Further reading: Offshore windfarm contracts to fuel 12m homes in Great Britain after record auction  

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2025 third-hottest year on record as climate science faces political pushback

According to European scientists at the European Centre for Medium-Range Weather Forecasts (ECMWF), 2025 was the world’s third-warmest year on record, going back to 1850. It was slightly cooler than 2023 by 0.01 °C, with 2024 being the hottest year. Average global temperatures exceeded 1.5 °C above pre-industrial levels over these three years, and the 1.5 °C limit under the Paris Agreement could be breached before 2030. 

Although climate impacts are worsening, climate science is encountering growing political pushback. Last week, U.S. President Donald Trump, who has labeled climate change “the greatest con job,” withdrew the United States from multiple U.N. organizations, including the Intergovernmental Panel on Climate Change (IPCC). 

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Further reading: 2025 was the world’s third-warmest year on record, EU scientists say

Editor’s Note: The opinions expressed here by the authors are their own, not those of impakter.com — Cover Photo Credit: Wikimedia Commons