US President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell on Friday, urging the Fed’s board of governors to take over if Powell doesn’t move quickly to slash interest rates.

"Independence keeps interest rates lower, if you actually look through the history of interest rates a little bit," Dimon says.

Federal Reserve Chair Jerome Powell made it clear on Wednesday that the resilient U.S. labor market is currently the primary determinant of monetary policy, a signal that strong July employment figures could snuff out all bets for a September rate cut and reduce the likelihood of any further easing this year.