Trump to Iran: "Keep Protesting," JPMorgan Fights 10% Card Cap, More
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That's Vanguard.com slash audio. All investing is subject to risk. Vanguard Marketing Corporation Distributor. News when you want it with Bloomberg News Now. I'm Amy Morris. President Trump says he's canceled talks with Iranian officials amid a protest crackdown telling Iranian citizens, quote, help is on its way. Trump did not offer details about what that help means, but has called on protesters to take over institutions in Iran. and has repeatedly threatened Tehran with military action if his administration finds the Islamic Republic is using deadly force against the protesters. Activists say the death toll from the nationwide protests in Iran has now spiked to at least 2,000 people killed. This level of violence around protests has not been seen in Iran in decades.
German Chancellor Friedrich Merz says Iran's regime is in its final days because of these protests, stating that when a regime can only hold on to power through violence, it is effectively finished. JPMorgan Chase is warning that President Trump's call for a 10 percent cap on credit card rates threatens to significantly change its business and would harm the bank and its customers. Industry groups say a 10% interest rate cap would reduce credit availability and be devastating for millions of Americans and small business owners who rely on and value their credit cards. President Trump doubled down on his criticism of Fed Chair Jay Powell, the president speaking to reporters, as he was about to leave for Michigan.
He's billions of dollars over budget. So he either is incompetent or he's crooked. I don't know what he is, but he certainly doesn't do a very good job.
J.P. Morgan CEO Jamie Dimon says the Trump administration's attacks on the Federal Reserve has the potential to undermine the independence of the central bank and could hike borrowing costs. J.P. Morgan Chase shares are more than 3% lower after it kicked off fourth quarter earnings season with mostly positive results. Herman Chan is a senior U.S. banks analyst for Bloomberg Intelligence.
Loan growth looks strong, and the credit costs and credit quality looks like it's really holding up there. There was a bit higher credit costs this quarter due to about $2.2 billion in provisions related to the pending Apple Card business that they're onboarding from Goldman Sachs. So analyst investors should be aware of that, given the pickup on a reported basis.
Herman Chan with Bloomberg Intelligence says J.P. Morgan's investment banking fees fell unexpectedly, but the bank does expect more net interest income this year than analysts expected. Stocks have wiped out CPI-fueled gains as J.P. Morgan continues to slide. We check the markets for you all day long here at Bloomberg. The S&P 500 down a tenth of a percent. NASDAQ up a tenth of a percent. The Dow down six-tenths of a percent. The 10-year Treasury yield at 4.17%. The two-year yield at 3.52%. Underlying inflation rose less than expected last month after shutdown related distortions complicated the previous report on consumer prices. Bloomberg's Michael McKee reports the December consumer price index rose three tenths of a percent.
The core number that leaves out food and energy rose just two tenths.
The interesting thing is housing because there was a feeling that the lack of October data would depress the housing numbers and keep them depressed.
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