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Trump hits back at JP Morgan CEO’s defence of Federal Reserve
US president says Jamie Dimon was wrong to suggest he was undermining independence of central bank
Donald Trump has hit out at the JP Morgan boss Jamie Dimon, saying the Wall Street executive was wrong to suggest he was undermining the independence of the Federal Reserve.
The US president and his administration have come under fire for their attacks on the Fed’s chair, Jerome Powell, who is facing a criminal investigation by the US Department of Justice over alleged “abuse of taxpayer dollars†linked to renovations to the central bank’s headquarters in Washington.
Powell has suggested the allegations are baseless and merely a punishment for not cutting interest rates as fast as Trump would like. Central bankers and chief executives have since started rallying around the Fed, raising concerns about political interference in monetary policy.
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