“President Trump said on Saturday that he had the power to remove or demote Jerome H. Powell, the Federal Reserve chair, renewing a long-running threat against the central bank’s leader at a time when it could further roil volatile markets,” the New York Times reports.
“While it was a familiar threat from a president who has continually beaten up on Mr. Powell, it was made in the midst of growing concern that the spread of the coronavirus could tip the United States into a recession.”
“The mere hint that Mr. Trump could fire Mr. Powell, or demote him to a Fed governor, risks further destabilizing markets by worrying investors, who are already fretting over the economic fallout from shut-down businesses, quarantined workers and curtailed activity.”
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