JPMorgan Analyst’s ‘Redacted’ Report Spells Out Fear of Trump

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 ontariffs, 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.

His remarks built on a report from last week in which he voluntarily blacked out several passages. He ...