Barron’s spoke with Tobin Marcus, head of U.S. policy and politics with Wolfe Research and a former White House advisor during the Obama era, about what could unfold if Trump follows through on such a move. An edited version of our conversation is below.

Treasury Secretary Scott Bessent told the president privately in recent days that ousting Jerome Powell entailed risks, including possible effects on the economy and potential legal and political obstacles.

Trump and other White House figures have launched a multi-pronged attack on Powell as push the central bank to lower is key borrowing rate. Most recently, they have blasted Powell after renovations to the Fed's Washington headquarters, raising suspicion that Trump could try to remove the Fed leader for cause.