President Donald Trump has aggressively expanded his personal bond portfolio, purchasing at least $51 million in debt securities between mid-November and late December, according to a White House financial disclosure released Thursday.
The disclosure comes as JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon warns that the administration’s escalating legal war against Federal Reserve Chair Jerome Powell risks destabilizing the very markets the President is buying into.
A Persistent Buying Spree
A new White House financial disclosure, dated Jan. 14, reveals 189 separate bond purchases by the President. When compared to a previous filing from Dec. 18, the data highlights a clear strategy of “doubling down.”
The President is repeatedly targeting the same corporations. After buying bonds in Netflix Inc. (NASDAQ:NFLX), General Motors Co. (NYSE:GM), and CoreWeave Inc. (NASDAQ:CRWV) in early November, the new records show he purchased additional debt in these exact companies on Dec. 12 and 16.
These investments directly intersect with active administration priorities: Netflix is facing a potential antitrust review, while GM has been lauded by Trump for moving manufacturing back to the U.S.
He also holds Boeing Co. (NYSE:BA), whose foreign sales he has personally championed.
Dimon Warns Of ‘Reverse Consequence’
While Trump accumulates debt—an asset class that typically benefits from lower interest rates—his administration's aggressive DOJ probe into Fed Chair Powell may inadvertently drive rates higher.
Speaking on a fourth-quarter earnings call, Dimon cautioned that the Justice Department’s threat to indict Powell over building renovation costs chips away at central bank independence.
“It will raise inflation expectations and probably increase rates over time,” Dimon predicted, arguing the probe would have the “reverse consequence” of what the White House likely desires.
The DOJ was served subpoenas regarding the costs of a $2.5 billion renovation of the Fed's Washington headquarters. Powell, whose term ends in May, dismissed the inquiry as a “pretext” for political retaliation after he refused to cut rates as deeply as the President demanded.
Market And Political Fallout
The conflict has rattled markets already adjusting to the Federal Open Market Committee’s recent moves, which included three quarter-point cuts in 2025 that brought the federal funds rate to a range of 3.50% to 3.75%.
The DOJ inquiry has triggered bipartisan outrage. Senator Thom Tillis (R-N.C.) announced he would block any new Fed nominees until the “legal matter is fully resolved,” stating that the independence of the Justice Department itself is now in question.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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