The standoff between the men has led Trump to echo an idea first floated by Treasury Secretary Scott Bessent: the naming of a new Fed chair before the end of Powell’s term in May of next year. Trump said in late June that he could name a successor “very soon.”

Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.

President Donald Trump sent the U.S. stock market on a jagged round trip after saying he had “talked about the concept of firing” the head of the Federal Reserve.