Trump also told reporters that he had floated the idea of getting rid of Powell with Republican lawmakers in a meeting on Tuesday.

So, does Trump have the power to fire Powell, and what would the economic fallout be of any attempt to do so?

Can the president fire the Federal Reserve chief?

The comments prompted concerns from Democrats that Trump is manufacturing outrage over the building works to use them as grounds for Powell’s dismissal.

But whether or not the Supreme Court — which has consistently ruled in Trump’s favour throughout his second term — would seek to protect the impartiality of the central bank is currently being hotly debated by US economists, scholars, and analysts.

A ‘dreadful idea’ and ‘very significant’ market reaction

In an interview with CNBC on Wednesday, Roger Altman, who was deputy Treasury secretary under former President Bill Clinton, described Trump’s impulse to interfere with the Fed as “a dreadful idea,” pointing to the economic downturn other countries that have meddled with their central banks have faced.