JPMorgan Chase says banks could fight Trump credit card rate cap: 'Everything's on the table'

JPMorgan Chase has expressed that Trump's proposed 10% interest rate cap on credit cards could negatively impact the U.S. economy, potentially leading banks to issue fewer credit card accounts. This change may restrict consumer access to credit, ultimately decreasing purchasing power and affecting economic growth. Banks are likely concerned about reduced profitability, indicating that they may consider various strategies to counter this proposal. As the dynamics of credit card interest rates can serve as crucial indicators in the financial markets, traders should pay close attention to any developments around this proposal for potential stock volatility.