JP Morgan chief defends independence of Fed chair amid Trump attacks

Jamie Dimon cautions against interference as treasury secretary says process to replace Jerome Powell has begun

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.