Trump has repeatedly criticised Powell, calling him “very dumb” and a “major loser”, and urging him to slash interest rates.
Heather Stewart Economics editor
Tue 15 Jul 2025 14.06 EDT
The boss of JP Morgan Chase, Jamie Dimon, has defended the “absolutely critical” independence of the Federal Reserve chair, as Donald Trump continues to demand immediate cuts in interest rates.
The US treasury secretary, Scott Bessent, said on Tuesday that a formal process for choosing a successor to the Fed chair, Jerome Powell, had already begun – despite the fact that his term does not end until next May.
Fed Chair Powell requests IG review of $2.5B HQ revamp amid Trump attacks
JPMorgan CEO Dimon says Fed independence 'absolutely critical'
By Reuters
July 15 (Reuters) - JPMorgan Chase
CEO Jamie Dimon said on Tuesday the independence of the Federal Reserve is "absolutely critical".
CEO Jamie Dimon said on Tuesday the independence of the Federal Reserve is "absolutely critical".
- "The President said he's not going to try to remove Jay Powell," Dimon told reporters in a conference call.
- "The independence of the Fed is absolutely critical, and not just for the current Fed chairman, who I respect, but for the next Fed chairman."
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"Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for," he said.
The comments come at a time when U.S. President Donald Trump has ramped up attacks on Fed Chair Jerome Powell.
Reporting by Niket Nishant in Bengaluru; Editing by Pooja Desai
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