Trump Clashes with JP Morgan's Dimon Over Fed Independence

Former US President Donald Trump has publicly criticised Jamie Dimon, the chief executive of JP Morgan Chase, branding him "wrong" for defending the independence of the Federal Reserve. The clash comes amid a Justice Department probe into Fed Chair Jerome Powell.

Trump Defends Criticism of the Fed

In a sharp rebuke, Trump stated, "I think it's fine what I'm doing. And we have a bad Fed person." His comments were a direct response to concerns raised by Dimon, who leads America's largest bank. On Tuesday, Dimon expressed "enormous respect" for Chair Powell and warned that any action perceived as undermining the central bank's autonomy could backfire, potentially raising inflation expectations and interest rates over time.

Trump also confirmed he intends to announce a replacement for Powell, whom he appointed in 2018, within the "next few weeks." Central banks globally have rallied to support the Fed and its chairman following the opening of an investigation into the renovation costs of the Fed's headquarters and Powell's related testimony.

Record UK Offshore Wind Auction Announced

In a major development for British energy, Secretary of State Ed Miliband has hailed a historic auction for offshore windfarm contracts. The government awarded deals for approximately 12 new offshore projects, securing a massive 8.4 gigawatts (GW) of clean energy capacity.

This record-breaking procurement, the largest ever in Britain or Europe, will generate enough electricity to power the equivalent of more than 12 million UK homes by 2030. The contracts were secured at a price between £89.49 and £91.20 per megawatt-hour in 2024 terms.

Miliband declared the results a "historic win" for UK energy sovereignty, stating: "We are taking back control of our energy sovereignty... It is a significant step towards clean power by 2030. The price secured is 40% lower than the alternative cost of building and operating a new gas plant." He emphasised that the move would create thousands of British jobs and help lower consumer bills permanently.