On July 16, according to CBS, multiple people with direct knowledge of the matter revealed that Trump asked a group of House Republicans on Tuesday whether he should fire Federal Reserve Chairman Powell, and those present agreed. Multiple sources said that Trump has hinted at taking action.

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 impacts on 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.