President Donald Trump on Thursday said he would press the Federal Reserve to lower interest rates “immediately,” rekindling a fight over the historically independent U.S. central bank.

Related: Fed members reset interest rate cut forecasts for 2025 The Fed helps manage the economy by influencing borrowing costs, adjusting overnight interest rates in an effort to maintain those goals of price stability and low joblessness.

Several large U.S. financial institutions, including the Federal Reserve, have withdrawn from the networks after years of growing political and legal pressure.

“The consumers are still spending, and our business clients are profitable and increasingly optimistic,” Bank of America CFO Alastair Borthwick said during a media call on Thursday preceding the Q4 earnings call. “Coupled with our fourth quarter return to operating leverage, we're entering 2025 with good momentum.”

Wall Street’s largest banks are poised to report their highest fourth-quarter trading revenue in five years, as November’s election and global uncertainty sparked market moves that boosted profits. According to a Bloomberg report issued this week,

Citing concerns about going outside its statutory mandate, the Federal Reserve Board of Governors voted to leave the Network of Central Banks and Supervisors for Greening the Financial System.

The December jobs report surprised markets, leading to Wall Street banks abandoning rate cut predictions. A strong labor market may bring back interest rate hikes.

Bank of America (BofA) has revised its forecast, stating the Federal Reserves rate-cutting cycle has concluded. This shift follows a stronger-than-expected December jobs report, which revealed a substantial

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Wells Fargo & Co. (NYSE: WFC), Bank of America Corp. (NYSE: BAC) and Truist Financial Corp. (NYSE: TFC) are scheduled to release their fourth-quarter 2024 earnings on Jan. 15, Jan. 16 and Jan. 17, respectively.

The Federal Reserve’s recent moves and Bank of America’s cautious outlook for 2025 have created an interesting setup for investors who rely on dividends. After cutting rates three times in 2024, the Fed may take a more conservative approach in the new year.