US President Donald Trump originally nominated Jerome Powell as Federal Reserve Chair in 2017. However, it appears that Trump may have attempted to fire Powell, citing a budget dispute over the Fed’s building renovation as a reason. This move would likely lead to short-term market fluctuations and increased long-term borrowing costs, as investors perceive the Fed as being more susceptible to a president’s decisions.
Source: https://www.axios.com/2025/07/17/powell-stocks-wall-street-trump