Markets could freak out if Trump tries to fire Powell
CNN
There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Powell from the helm of the central bank, as the president has suggested he could do.
There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Powell from the helm of the central bank, as the president has suggested he could do. The US dollar index, which measures the dollar’s strength against six major foreign currencies, dropped as much as 0.8% Wednesday morning after reports that Trump was moving closer to removing the Fed chair. CBS News first reported the news. Trump later Wednesday told reporters at the White House it is unlikely he would fire Powell, pushing back on media reports. “We’re not planning on doing anything,” Trump said. “I don’t rule out anything, but I think it’s highly unlikely, unless he has to leave for fraud.” The dollar index pared its losses after Trump’s remarks and was down just 0.3% as of midday. The Fed’s independence is a cornerstone of US financial markets, and perceptions of an erosion of that independence could spark a sharp sell-off in the dollar and US government bonds that could have lasting damage for America’s markets and its economy — along with its international reputation. US markets have been volatile this year as Trump has ramped up his criticisms of Powell, demanding the central bank lower interest rates.
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