On July 16, according to Jinshi Data, citing a report from CBS, multiple people with direct knowledge revealed that Trump asked a group of House Republicans on Tuesday whether he should fire Federal Reserve Chairman Powell, and those present agreed. Several people said that Trump hinted that he would do so. There is no legal precedent for a president to fire the chairman of the Federal Reserve - federal law stipulates that the chairman of the Federal Reserve can only be fired for "just cause." This move could have serious negative consequences for the financial markets. Government sources told CBS that Trump has mentioned the possibility of firing Powell for "just cause" in public and private remarks, but the White House has not formally established a legal basis. Firing Powell could immediately trigger legal challenges. The U.S. Supreme Court recently suggested that they do not believe Trump has the power to do so. The justices ruled in May that Trump could fire members of independent federal agencies, including the National Labor Relations Board, but said the ruling did not necessarily apply to the Federal Reserve because it is a "uniquely structured quasi-private entity." [TechFlow]