Trump also mentioned to reporters that he had discussed the potential removal of Powell with Republican lawmakers during a meeting on Tuesday.

So, does Trump have the power to fire Powell, and what would the economic fallout be of any attempt to do so?

Can the president fire the Federal Reserve chief?

These comments have sparked concerns among Democrats that Trump might be using the building renovations as a pretext for Powell’s removal.

The ongoing debate among US economists, scholars, and analysts focuses on whether the Supreme Court — which has often ruled in favor of Trump during his second term — would intervene to uphold the central bank’s impartiality.

A ‘dreadful idea’ and ‘very significant’ market reaction

In an interview with CNBC on Wednesday, Roger Altman, who was deputy Treasury secretary under former President Bill Clinton, described Trump’s impulse to interfere with the Fed as “a dreadful idea,” pointing to the economic downturn other countries that have meddled with their central banks have faced.