If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.

U.S. District Judge Loren AliKhan said the Trump administration wanted the Federal Trade Commission to be a "subservient agency."

As the Fed moved forward with plans to renovate its Great Depression-era headquarters in Washington during Trump’s first term, it faced concerns in 2020 during a vetting process involving Trump appointees, who called for more “white Georgia marble” for the facade of building.

President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.

The comments came after the Supreme Court indicated that President Donald Trump does not have the authority to arbitrarily fire Fed Chair Jerome Powell.

Wall Street benchmarks closed modestly higher on Wednesday, with the Nasdaq Composite achieving its latest record finish, despite a chaotic half hour when news reports suggested U.S. President Donald Trump was set to fire Federal Reserve Chair Jerome Powell.

The president floated the idea of firing the Fed chief to lawmakers, then said such a move was "very unlikely."