By BURGESS EVERETT, BEN WHITE and VICTORIA GUIDA
12/22/2018 03:50 PM EST - Updated 12/22/2018 08:21 PM EST

Financial markets have cratered in recent days amid a partial
government shutdown, rising interest rates and signs of a slowing
economy. Shelby said Trump did not bring up the prospect of firing
Powell at a lunch with congressional Republicans on Saturday.

Wall Street traders and money managers argue that the president would
inject chaos and uncertainty into already fragile markets if he fired
the Fed chair because he doesn't like his interest rate decisions,

"Market agents may disagree on the policy but they respect the
person," David Kotok, chief investment officer at Cumberland Advisors,
said of Powell. "The nation is best served if the president avoids the
personalized attacks. Markets want an independent and skilled Fed chair,
not a Trump patsy."

It’s unclear what specifically Trump can do to Powell. The president
can remove a member of the Fed board only “for cause,” which does not
include policy disagreements.

Read the full story at POLITICO.