Trump says Jamie Dimon ‘wrong' to warn that DOJ's Jerome Powell probe threatens Fed independence

Core Viewpoint - President Trump criticized JPMorgan Chase CEO Jamie Dimon for his warnings regarding the Justice Department's investigation into Federal Reserve Chair Jerome Powell, asserting that the probe does not undermine the Fed's independence [1][2][4]. Group 1: Investigation and Reactions - The Justice Department is conducting a criminal investigation related to Powell's congressional testimony about a $2.5 billion renovation of the Federal Reserve's headquarters, focusing on whether he misled lawmakers about the project's scope and cost [13][16]. - Dimon expressed concerns that any actions undermining the Fed's independence could lead to increased inflation expectations and higher interest rates, emphasizing the importance of Fed autonomy [5][10]. - Other executives, including Bank of New York Mellon CEO Robin Vince, echoed Dimon's sentiments, warning that political pressure on the Fed could destabilize bond markets and ultimately raise interest rates [10][11]. Group 2: Trump's Position - Trump defended the investigation as a necessary accountability measure, labeling Powell as incompetent and asserting that the probe is unrelated to monetary policy [17]. - He reiterated his belief that interest rates should be lower, suggesting that Dimon's defense of the Fed is motivated by self-interest due to the benefits of higher borrowing costs for JPMorgan [5][6]. - Trump plans to proceed with naming Powell's replacement within weeks, despite opposition from Wall Street executives and Republican lawmakers [6][8].