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Trump's Fed Chair Threat Sparks Market Concerns

7/17/2025

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Summary

Story summary

President Trump suggested he might fire Federal Reserve Chair Jerome Powell, triggering a 0.8% decline in the US dollar index.
He later indicated that removing Powell was unlikely, yet concerns about the Fed's independence remain.
Analysts caution that dismissing Powell could trigger a major market crash and undermine the Fed's credibility.
Senator John Kennedy warned that this action could have catastrophic effects on both stock and bond markets.

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Story summary

President Trump suggested he might fire Federal Reserve Chair Jerome Powell, triggering a 0.8% decline in the US dollar index.
He later indicated that removing Powell was unlikely, yet concerns about the Fed's independence remain.
Analysts caution that dismissing Powell could trigger a major market crash and undermine the Fed's credibility.
Senator John Kennedy warned that this action could have catastrophic effects on both stock and bond markets.