The JPMorgan chief warned the Federal Reserve’s independence is critical as Scott Bessent says a “formal process” to replace the central bank chief is under way.

President Donald Trump has said it is "highly unlikely" he will fire the head of the US central bank, hours after asking lawmakers whether he should sack Jerome Powell. Stock markets and the dollar slipped following reports Trump had broached the idea with Republicans on Tuesday but quickly bounced back after he downplayed the discussions.