President Trump has become more hostile to the Federal Reserve’s chair. Markets aren’t worried yet, but some on Wall Street are getting more concerned.

President Trump said he had no imminent plans to try to fire Jay Powell as Fed chair. But his threats are becoming sharper.Carlos Barria/Reuters

Andrew here. What would happen if President Trump actually tried to fire Jay Powell, the Fed chair? Trump has been publicly toying with the idea — and then denying he will do it. Investors and analysts have been gaming out what would happen to bonds, the dollar and stock prices.

Despite vocal calls about the importance of an independent Fed, the prevailing wisdom appears to be that the immediate impact of firing Powell might not be a shock to the system but more of a gradual shift in how global investors think about

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