Jamie Dimon has warned that the independence of the US Federal Reserve is “critical” as the Trump administration increases its pressure on Jay Powell, the central bank’s chair.
Treasury secretary Scott Bessent said on Tuesday that a “formal process” to select the successor to Powell as chair of the Fed has begun, as the White House’s frustration with the central bank’s reluctance to cut interest rates grows.
But Dimon, chief executive of JPMorgan, cautioned that “the independence of the Fed is absolutely critical — and not just for the current Fed chair, whom I respect, Jay Powell, but for the next Fed chair”.
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