Alex Ossola

Today's show is produced by Pierre Bien-Aimé with supervising producer Tali Arbel.

I'm Alex Osola for The Wall Street Journal.

We'll be back with a new show tomorrow morning.

Thanks for listening.

JPMorgan's CEO defends the Fed, warning that interference would push up rates.

Plus, inflation holds steady at 2.7 percent in December.

And President Trump tells Iranian protesters that, quote, help is on its way.

It's Tuesday, January 13th.

I'm Alex Osola for The Wall Street Journal.

This is the PM edition of What's News, the top headlines and business stories that move the world today.

On Wall Street today, JPMorgan Chase CEO Jamie Dimon defended the Federal Reserve after it was subpoenaed by the Justice Department.

Dimon told reporters that anything that, quote, chips away at the Fed's independence was a bad idea and could have consequences like increasing inflation and interest rates over time.

Diamond's comments came after J.P.

Morgan reported its earnings for the fourth quarter.

The bank said its profit fell 7 percent, dragged down by a $2.2 billion charge from its deal to take over the Apple credit card program and a surprising slip in investment banking fees.

But it still saw revenue increase for both the quarter and the year.

I'm joined now by WSJ reporter Alexandra Saidi, who covers banking and finance.

Alex, I want to start with Diamond's comments about Fed Chair Jerome Powell and the Fed.

Central banks around the world, former Fed and Treasury officials, and several U.S.

lawmakers have spoken out this week defending Powell or expressing concern about the investigation into him.