Barron’s spoke with Tobin Marcus, head of U.S. policy and politics with Wolfe Research and a former White House advisor during the Obama era, about what could unfold if Trump follows through on such a move. An edited version of our conversation is below.

President Donald Trump said he’s not planning to fire Jerome Powell, and still managed to make it sound like a threat.

As of this reporting, on July 16, a little after 4 p.m. on the East Coast, President Trump is not going to fire the Fed head, Jerome Powell. And there

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.

Wall Street appears calm after President Donald Trump walked back his earlier threats to fire Federal Reserve Chair Jerome Powell.

There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Jerome Powell from the helm of the central bank,

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

The president suggested he could attempt to remove the Fed chair for cause, arguing the central bank spent too much money on renovations of two historic office buildings.