Finance
JPMorgan Analyst’s ‘Redacted’ Report Spells Out Fear of Trump
While Trump has since paused much of his audacious tariff plan, Michael Cembalest’s points on self-censorship are still reverberating on Wall Street.
Photographer: Al Drago/BloombergThis article is for subscribers only.
A JPMorgan Chase & Co. strategist whom Jamie Dimon has lauded as “one of our firm’s great thinkers” is taking an unusual approach to highlight fears on Wall Street over speaking out against the Trump administration.
On Monday, before Donald Trump pivoted on tariffs, Michael Cembalest ended a 45-minute client presentation about the levies with a caveat. After calling the president’s plan a “sledgehammer, brute force” approach, the JPMorgan analyst said he withheld certain material with his firm and colleagues in mind.