3 ways Trump trying to fire Powell could backfire
CNN
If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.
If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets. For now, the likelihood of the president actually moving to oust the head of the central bank remains low, due to the legal hurdles required. That’s partly why investors have seemingly grown numb to Trump’s ongoing admonishment, even after the president brandished a draft of a termination letter for the Fed chair in front of lawmakers on Tuesday night. Another reason is that Trump’s own economic advisers have warned of the market chaos that could ensue if he makes good on his threats. But if he does, it would backfire spectacularly, experts say, rattling Wall Street, potentially imploding the bond market and sabotaging the Fed’s ability to manage the economy. Markets on Wednesday briefly dropped after reports that Trump was likely to fire Powell soon. The US dollar index, which measures the dollar’s strength against six major foreign currencies, swiftly dropped almost 1%. The dollar index pared its losses after Trump told reporters at the White House that he has no plans to fire Powell.
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