Source: Cointelegraph Original: "{title}"
U.S. Senator Elizabeth Warren warned that if President Trump ultimately takes action to fire Federal Reserve Chairman Jerome Powell, it could undermine investor confidence in the integrity of U.S. capital markets and trigger a financial crisis.
In a CNBC program, the Massachusetts senator stated that the president does not have the legal authority to remove Powell from his position. Additionally, Warren added that firing Powell would weaken the financial infrastructure of the United States:
"If U.S. interest rates are to be subject to a president who just wants to wave a magic wand, then how are we any different from other two dictatorial regimes?" Warren continued.
Trump has repeatedly called for Powell's termination, citing the latter's hesitance on interest rate cuts. Rate cuts are generally seen as a positive factor for risk asset prices, including cryptocurrencies, and could reverse the market downturn caused by the trade war and current macroeconomic pressures.
In a Truth Social post on April 17, Trump again criticized Powell for his unwillingness to cut rates and called for his dismissal, intensifying speculation about his potential actions to remove Powell.
Senator Rick Scott echoed Trump's claims. "It's time to clean out all the people at the Federal Reserve who are unwilling to help the American people and fight for their best interests," Scott wrote in a commentary published by Fox News.
The Trump administration has repeatedly stated that rate cuts are its top priority. Market analyst and investor Anthony Pompliano recently speculated that Trump is deliberately provoking a financial market crash to force rate cuts.
At that time, Pompliano mentioned that the yield on the 10-year U.S. Treasury bond had fallen to 4%. Since then, the yield on the 10-year Treasury bond has risen to 4.3%.
Related: Trump criticizes Powell for "acting too late" and not cutting rates in a timely manner.
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