🚨 Trump vs Powell is turning into a real market risk.
Trump says Powell could be fired if he does not step down after his chair term ends in May. At the same time, Kevin Warsh is being discussed as the likely replacement, but confirmation is still not fully locked in.
This is bigger than politics.
If traders start pricing in pressure on Fed independence, volatility could hit bonds, the dollar, stocks, and crypto all at once. Macro uncertainty like this usually spills everywhere fast.
Is the market still underpricing this fight? 👀