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Markets briefly sold off on the news. And some lawmakers questioned whether Trump has the legal standing to dismiss Powell.

Trump rattles everyone over Powell, but nothing happens – for now

Here’s how things go in Donald Trump’s Washington.

The president indicated to a group of House Republicans Tuesday night that he was going to fire Federal Reserve Chair Jay Powell. Trump even showed them a draft letter removing Powell from office, a hugely consequential move that threatens the independence of the world’s most powerful central bank.

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