Under the law, Trump can fire Powell for what’s known as “cause.” What Trump’s inner circle is grappling with is what exactly constitutes “cause” in a way that can withstand

The president prefers low interest rates. But the Federal Reserve Act protects the Fed chair's removal. Long-term rates are set by financial markets and sensitive to inflation expectations.

Investors, not the Fed, control the interest rates that matter most to businesses and consumers. They might demand higher returns if the central bank’s independence comes into question.