It would be quite difficult for the president to fire the central bank chair, as Trump’s advisors have reportedly told him several times. As of this weekend, incoming chief of staff Mick Mulvaney said Trump now realizes this. The Federal Reserve is intended to be politically independent; even though the president nominated Powell, there’s little precedent for an ouster.

Most important, market volatility has far more to do with unresolved trade tariffs, Brexit, Italian financial turmoil, and other world events than it does just the Fed. Powell may be an easy target, but he’s far from the right one.

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