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$TRUMP Trump's Threat to Fire Fed Chair Powell Could Wreck U.S. Markets and Credibility
Rumors are swirling that former President Donald $TRUMP Trump
is seriously considering firing Federal Reserve Chair Jerome Powell — and Wall Street is bracing for the fallout. Analysts, legal experts, and even some in Trump’s own orbit are warning: if this happens, brace for financial chaos.
Wall Street: “It Would Be a Mess”
According to a stark research note from Wolfe Research, ousting Powell before his term ends would send shockwaves through the economy. “This would be a mess,” wrote analysts Tobin Marcus and Chutong Zhu, who believe such a move would crash markets, spike Treasury yields, and tarnish the U.S. government’s credibility.
Why the panic? Because removing Powell would suggest the Federal Reserve is no longer independent — a red flag that investors globally would take very seriously.
Legal Battle Inevitable
While Trump initially floated the idea of firing Powell during a dinner with Republican lawmakers — as reported by CNBC — he later dialed it back in front of cameras: “We’re not planning on doing it,” he said. But then he left room for ambiguity, adding, “I don’t rule out anything… unless he has to leave for fraud.”
If Trump does go through with it, legal fireworks are guaranteed. Experts expect Powell would fight back in court, and the Fed could be left without its leader during a prolonged legal battle — a destabilizing scenario for markets already on edge.
The Powell Case is Different
Wolfe Research notes that Trump has previously fired leaders of independent agencies — and while none succeeded in challenging their terminations, Powell is a unique case. He leads the world’s most influential central bank, giving him far more weight in court and in the markets.
Credibility and Inflation at Risk
Veteran economist Roger Altman didn’t hold back when speaking to CNBC: “This is one of the worst ideas out there.” The former deputy Treasury secretary argues that meddling with the Fed’s independence could trigger inflation and erode the global trust that underpins the U.S. dollar.
He pointed to countries like Turkey and Argentina as cautionary tales — places where political interference in monetary policy has led to economic disaster.
Altman also doubts Powell would voluntarily resign, which would make legal escalation almost certain.
Market Watchers React
Even market commentator Jim Cramer weighed in, urging Trump to stop targeting Powell. “It only hurts Trump and the markets,” he said, noting that Powell’s term ends in less than a year anyway.
Markets responded nervously throughout the day. While the Dow, S&P 500, and Nasdaq all closed slightly up, traders spent most of the session uneasy about the possibility of a Fed shake-up.
Cramer summarized the sentiment: “What’s in it for Trump if he tries to fire Powell? Nothing. The stock market would get rocked. Long-term interest rates would rise. Why would any president want that?”
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