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Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.
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S&P 500 rises in volatile session as Trump denies he is firing Powell: Live updates CNBCTrump Has Penned Letter To Fire Fed Chair Jerome Powell The New York TimesMarkets Rattled by ‘Credible Threat' of Trump Trying to Fire Powell Bloomberg.comHow Trump could use a building renovation to oust Fed Chair Powell AP News
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Here's how Trump may go about trying to remove Powell, and what it could mean for the economy.
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U.S. stocks are shaky on Wednesday as President Donald Trump said he had "talked about the concept of firing" the head of the Federal Reserve. Such a move could help Wall Street get lower interest rates, which it loves, but could also mean a weakened Fed unable to make the unpopular moves needed to get inflation under control.
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Donald Trump asked lawmakers whether he should fire Fed's Jay Powell Financial TimesTrump Has Draft of Letter to Fire Fed Chair. He Asked Republicans if He Should Send It. The New York TimesIn Dress Rehearsal for Trump Firing a Fed Chairman, U.S. Markets Sank—Then Steadied The Wall Street JournalDow adds 200 points, S&P 500 rises in volatile trading as Trump denies he's firing Powell: Live updates CNBC
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