President Trump appears to be inching closer to firing Jerome Powell as Federal Reserve chair, according to news reports and his own comments.

JPMorgan Chase CEO Jamie Dimon said Tuesday that the independence of the Federal Reserve is 'absolutely critical' and that 'playing around with the Fed can often have adverse consequences.'

Treasury Secretary Scott Bessent said Tuesday that a “formal process” to find a successor for Federal Reserve Chair Jerome Powell has already started — as the Trump administration ratchets up pressure for the top central banker to step aside before his term ends.