Trump says JP Morgan boss ‘wrong’ over Fed defence; Miliband hails record windfarm auction – business live | Business

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President Donald Trump has hit out at Jamie Dimon, the billionaire boss of JPMorgan, saying he was “wrong” to suggest he was undermining the independence of the US central bank.

He said:

I think it’s fine what I’m doing. And we have a bad Fed person”.

It comes after Dimon, who leads the biggest bank in the US, expressed concern about the investigation into Fed Chair Jerome Powell on Tuesday. The Justice Department has opened a probe into the cost of the renovation of the central bank’s headquarters and Powell’s testimony about the project.

Dimon told reporters on Tuesday he had “enormous respect” for the Fed chair.

He said during an earnings call:

Everyone we know believes in Fed independence. And anything [that] chips away at that is probably not a great idea, and in my view, will have the reverse consequences. It’ll raise inflation expectations and probably increase [interest] rates over time.”

Central banks around the world have also rallied to defend the Fed and its chair.

When asked about Dimon’s remarks, Trump said:

I think he’s wrong.”

Trump also said yesterday he would continue with plans to announce a replacement for Powell, who he appointed in 2018, within “the next few weeks”.

Elsewhere this morning, energy secretary Ed Miliband has hailed a record auction for offshore windfarm contracts in Great Britain.

12 new offshore projects were awarded contracts after ministers increased the amount of funding available to developers to help them deliver their plans without raising bills for consumers.

The funding was awarded to 8.4 gigawatts (GW) of offshore windfarm capacity, or enough to generate clean electricity for more than 12m British homes before the end of the decade. They were awarded a contract price of between £89.49 and £91.20 a megawatt-hour (MWh) in 2024 prices.

Miliband said:

We’ve secured a record-breaking 8.4GW of offshore wind, enough to power the equivalent of over 12m homes. This is the largest amount of offshore wind procured in any auction ever in Britain or indeed Europe.

With these results, we are taking back control of our energy sovereignty. It’s a historic win for those who want Britain to stand on our own two feet, controlling our own energy rather than depending on markets controlled by petrostates and dictators.

It is a significant step towards clean power by 2030. The price secured in this auction is 40% lower than the alternative cost of building and operating a new gas plant. Clean, homegrown power is the right choice to bring down bills for good, and this auction will create thousands of jobs throughout Britain.”

The agenda

• 8:00am GMT: Bank of England’s Alan Taylors speech at the National University of Singapore

• 9:00am GMT: Launch of the World Economic Forum’s Global Risks Report 2026

• 11:00am GMT: Wells Fargo full year results

• 11:45am GMT: Bank of America full year results

• 1:00pm GMT: Citigroup full year results