News, July 16th, according to CBS News, multiple direct sources revealed that on Tuesday, Trump asked a group of House Republicans whether he should fire Fed Chair Powell, with those present expressing support. Several sources indicated that Trump has hinted at taking action.

At the legal level, there is no precedent for a president to fire the Fed Chair—federal law stipulates that the Fed Chair can only be removed for "cause." This action could have a serious negative impact on the financial markets. Government insiders told CBS News that Trump has mentioned the possibility of firing Powell for "cause" in both public and private remarks, but the White House has not yet established a formal legal basis.