JPMorgan Chase CEO Jamie Dimon appeared to be delivering a message to Donald Trump regarding the US President’s pressure campaign on the Federal Reserve, defending the central bank’s independence and cautioning against policy interference.“The independence of the Fed is absolutely critical,” Dimon said on the bank’s second-quarter earnings call, “and not just for the current Fed chairman, who I respect, but for the next Fed chairman.”His comments come amid heightened tensions between the White House and the Federal Reserve, with Trump openly demanding steep rate cuts. In a recent social media post, Trump called Powell “very dumb” and a “major loser”, writing: “You have cost the USA a fortune and continue to do so. You should lower the rate – by a lot!”Dimon said, “The President said he’s not going to try to remove Jay Powell,” adding that meddling with the central bank could have unintended consequences, according to an ET report. “Playing around with the Fed can often have adverse consequences, absolutely opposite of what you might be hoping for.”US Treasury Secretary Scott Bessent has reportedly told Bloomberg TV that the White House is looking at candidates for Powell’s replacement. “There are a lot of great candidates. And we’ll see how rapidly it progresses. It’s President Trump’s decision and it will move at his speed,” Bessent said.Trump has on his part denied any intent to immediately replace Powell.JPMorgan reported a second-quarter net income of $15 billion, down 17% from the year-ago period, but still ahead of Wall Street expectations. The bank posted adjusted earnings of $5.24 per share, topping analysts’ estimate of $4.48 but lower than the $6.12 per share reported last year.Dimon also reiterated concerns about Trump’s trade policies, specifically tariffs and their long-term economic impact. “The finalization of tax reform and potential deregulation are positive for the economic outlook,” he said, “however, significant risks persist—including from tariffs and trade uncertainty, worsening geopolitical conditions, high fiscal deficits and elevated asset prices.”The veteran Wall Street chief, who has led America’s largest bank for nearly two decades, said the US economy remained resilient in the quarter and highlighted a rise in JPMorgan’s investment banking profits. But he warned that the president’s aggressive use of tariffs could undermine growth. “Significant risks persist,” Dimon repeated, pointing to a combination of domestic and global economic headwinds. The bank’s comments come at a time when Trump has appointed three new members to the National Capital Planning Commission and is expected to continue reshaping key economic and policy bodies, adding further pressure on central institutions.