Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.

Not long ago, Donald Trump could rattle Wall Street for days with a single post. Now, he threatens to oust the world’s most powerful central banker, and Treasury yields barely twitch. Stocks continue their steady climb.

The independence of central banks, which allows policymakers to operate free from political meddling, is considered sacrosanct by investors and economists.