JPM Says "Dogespierre Has Left The Building"

Bank's Wealth Management Head Tears Into DOGE’s Impact

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Dogespierre Has Left the Building

I. A Grand Claim Meets Limited Impact

In the May 2025 edition of Eye on the Market, JPMorgan Asset Management’s Michael Cembalest dissects the fiscal and institutional implications of DOGE—Donald Trump’s sweeping executive effort to curtail federal government size and spending, fronted by Elon Musk, nicknamed “Dogespierre.” The report weaves historical analogy, quantitative critique, and institutional insight into an early audit of DOGE’s disruptive—but arguably superficial—impact on U.S. governance and macroeconomic risk.