If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.

Trump and the Trump administration have increasingly turned their fire on Powell and his leadership of the central bank.

President Donald Trump’s White House is frantically trying to put out the blaze sparked by its own promises to expose whatever the federal government is hiding about disgraced financier Jeffrey Epstein. A Wall Street Journal bombshell has only flared up the rage, increasing the likelihood that this fire will keep burning all summer.

Bipartisan pressure is mounting over the limited scope of the Justice Department's disclosures regarding Epstein.

President 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.

The Trump administration is formally arguing before a federal oversight body that it has unilateral authority to fire many federal employees at any time, seeking to unwind decades of precedent and current federal law.

U.S. President Donald Trump signed an executive order on Thursday creating a new classification of non-career federal workers who can more easily be fired if they fail to carry out a president's priorities,

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,