JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon said that the US Justice Department’s attacks on the Federal Reserve have the potential to undermine the independence of the central bank and possibly boost borrowing costs.

“Everyone we know believes in Fed independence,” Dimon said Tuesday on a conference call with members of the media after his company reported fourth-quarter earnings. “And anything that chips away at that is probably not a great idea. And in my view, will have the reverse consequences. It’ll raise inflation expectations and probably increase rates over time.”

President Donald Trump’s administration ratcheted up the pressure on Federal Reserve Chair Jerome Powell earlier this week. The Justice Department served grand jury subpoenas to the central bank over Powell’s testimony to Congress on the ongoing renovations of the Fed’s headquarters.

“I do have enormous respect for Jay Powell, the man,” Dimon said on the media call.

The Justice Department’s move stoked concerns about the Fed’s independence and caused Trump to face some rare opposition from certain key Republican lawmakers. Senator Thom Tillis said on Sunday that he would oppose any Trump nominees to the Fed until the matter is resolved, creating a potential roadblock for the president.

In July, when tensions between the president and central bank intensified, Wall Street executives came out to stress the importance that the Fed remain independent.

“The independence of the Federal Reserve drives its credibility,” Citigroup Inc. Chief Executive Officer Jane Fraser said in a statement at the time. “It is critical to the effectiveness of our capital markets and US competitiveness.”