Jamie Dimon to Trump: Don't Mess With Powell

Jamie Dimon is warning the Trump administration not to try to oust Fed chief Jerome Powell before his term expires next year.

• "I think the independence of the Fed is absolutely critical," the CEO of JPMorgan told reporters in a conference call. "Playing around with the Fed can have adverse consequences, the absolute opposite of what you might be hoping for," he added, per Reuters.

The Wall Street Journal provides context, noting that Dimon is the "first leader of a major US financial institution to publicly address the administration's broadsides against the central bank chief." Trump has repeatedly criticized Powell for not cutting interest rates, though the president has insisted he will not fire Powell. However, the new speculation in DC is that the White House may try to use cost overruns on the renovation of Fed headquarters as a reason to fire Powell for cause.

Meanwhile, Treasury Secretary Scott Bessent says the formal process to choose a replacement has begun, per the Hill. Powell's term is up in May 2026, and Bessent himself is seen as a candidate for the job.