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 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.

P resident Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting.

A dramatic day on Wednesday ended with Wall Street in the green and the dollar and short-dated Treasury yields lower, although off their earlier extremes, after President Donald Trump denied reports he will soon fire Fed Chair Jerome Powell.

The yearslong project to spruce up central bank buildings in Washington, D.C., received little attention until recently

The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

Trump claimed that it was former President Joe Biden who appointed Powell to be head of the Federal Reserve. However, Powell was initially appointed to the role by Trump during his first term in 2018 and was reappointed by Biden in 2022.