According to Jinshi, citing a CBS report, multiple direct sources 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 firing the Federal Reserve Chairman—federal law stipulates that the Federal Reserve Chairman 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 yet 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 would not necessarily apply to the Federal Reserve because it is a "uniquely structured quasi-private entity." [ChainCatcher]