The New York Times was first to report, Trump waved a draft letter firing Powell during a meeting with House Republicans, and soliciting their opinions on whether he should proceed. The next day, Trump confirmed that was true: “I talked about the concept of firing him,

Legal scholars do not believe Trump has the authority to oust the Fed chair unilaterally, and reports that he might try to do so have shaken Wall Street in recent days.

Mr. Trump, angered by the central bank’s reluctance to lower borrowing costs, has stepped up his pressure campaign on Mr. Powell, repeatedly insulting him and even going so far as to brandish a draft...