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 Argentine President Javier Milei is doing a good job overhauling the country's troubled economy.

"There is around $100 billion of foreign capital that may well come back to Argentina. You have major companies that want to invest there now," Dimon said in a wide-ranging interview with Reuters in Detroit.

"If Milei could continue to implement his policies for the rest of this term, and maybe for a second term, you could turn Argentina," said Dimon, who met Milei last month in Buenos Aires. He called the president a "force of nature" and cited Argentina's inflation reduction and economic growth.

Milei's party cruised to victory in midterm legislative elections last month as voters handed him a mandate to keep pushing through his overhaul of the economy, which has included deep austerity measures.

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.

A potential loan from the banks to Argentina "may not be necessary," Dimon said. JPMorgan has been present in Argentina for over 100 years and has been involved in its previous debt restructurings. "We have done special financing to Argentina in the past; if they need that, we're all ears."

Dimon also said he believed the U.S. Federal Reserve would remain independent, although he stressed U.S. President Donald Trump will continue to express views on rates, and presidents are typically in favor of lower interest rates.

"The president has made clear he believes in Fed independence. He's also made it clear he's going to speak his mind freely," Dimon said. "I think it will remain independent."