The writer is a research fellow at the University of Cambridge and author of the book ‘Our Money: Monetary Policy as if Democracy Mattered’

What would happen if Donald Trump were to fire US Federal Reserve chair Jay Powell?

First of all, it’s essential to say that this would be a major achievement for the president. Even if House of Representatives speaker Mike Johnson isn’t clear on the legality of firing Powell, most legal experts are. It is widely understood that Powell cannot be fired without cause (hence Trump’s contingency plan in laying the groundwork for a fraud accusation). But putting all that aside, and further parking the tidal wave of worry and stress it would set off in financial markets, what could a Trump appointee do at the Fed?