It was Trump who installed Jerome Powell as Fed chairman during his last term, Biden merely renominated Powell for continuation sake in the financial market.
Sacking a Fed chairman is unheard of, believe it is unconstitutional but recently there are rumours saying POTUS might just have the power to do so?
If that happens, financial market will instantly face a initial sell off due to the chaos created but treasury yield will come off with the appointment of a "yes man" to Trump.
Long term though, FED would lose all credibility if this really happens.
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