Firing Fed Chair Jerome Powell, even if President Donald Trump actually had the power to do so, would do little in practical terms to change the future course of monetary policy. Arguably the bigger risk is that Trump’s frustrations with Powell could lead to the demise of the man who recommended him – Treasury Secretary Steven Mnuchin. As the only remaining prominent free trader in the administration, a Mnuchin exit would increase the risk that the current trade negotiations with China fail.
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