JPMorgan Chase CEO Jamie Dimon cautioned the White House on Tuesday, saying Federal Reserve Chair Jerome Powell must maintain his independence despite the attacks from President Donald Trump regarding interest rates.

On the bank's earnings call, Dimon told reporters: "I think the independence of the Fed is absolutely critical. Playing around with the Fed can have adverse consequences, the absolute opposite of what you might be hoping for."

Trump has blamed inflation on high interest rates, urging Powell to take action and blaming the Fed for the public not feeling the full effects of the president's economic policies.

"Consumer Prices LOW. Bring down the Fed Rate, NOW!!!" Trump posted on his Truth Social platform Tuesday, adding: "Fed should cut Rates by 3 Points. Very Low Inflation. One Trillion Dollars a year would be saved!!!"

Trump has said that despite his antagonistic rhetoric, he has no plans to fire Powell, whom he appointed in his first administration.

Treasury Secretary Scott Bessent defended Trump's tactics as the president's way of "working the refs," a sports analogy to when coaches will harass referees to get the calls they want.

As for Powell, he has attempted to ignore the president's remarks, saying in a congressional hearing in June that he receives support from many on Capitol Hill.

"'You're doing the right thing.' I hear that from a lot of members privately," Powell said.

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