EXCLUSIVE-JPMorgan CEO says Argentina may not need bank loan, Fed will likely remain independent

By Tatiana Bautzer

DETROIT, Nov 5 (Reuters) - Argentina may not ultimately need a bank loan, JPMorgan JPM.N CEO Jamie Dimon said on Wednesday, adding Argentinian President Javier Milei is doing a good job overhauling the country's troubled economy.

Speaking to Reuters in Detroit, Dimon also said he believes the U.S. Federal Reserve will continue to be independent, although he stressed U.S. President Donald Trump will continue to speak his mind and that no president ever favors high interest rates.

U.S. Treasury Secretary Scott Bessent said last month the department was working with banks and investment funds to create a $20 billion facility to invest in Argentina's sovereign debt. But a group of U.S. banks, including JPMorgan, Bank of America BAC.N, and Goldman Sachs GS.N, have been hesitant to lend that much to Argentina without guarantees or collateral.

Dimon, who runs the largest U.S. bank, said a bank loan may be unnecessary, but lenders are willing to help.

Milei's party cruised to victory in midterm legislative elections last month as voters handed him a mandate to keep pushing through his radical overhaul of the economy despite widespread discontent with his deep austerity measures.

Milei is "a force of nature" who is working to undo decades of bad policies that reduced Argentina's relative importance in the world economy, Dimon added.

His policies have reduced inflation and increased growth, and Dimon said the country could enjoy $100 billion in foreign investment if he can continue the reforms, without elaborating on the origin of that figure.