The Trump administration is formally arguing before a federal oversight body that it has unilateral authority to fire many federal employees at any time, seeking to unwind decades of precedent and current federal law.

There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Jerome Powell from the helm of the central bank,

President Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting.

The Wall Street Journal, owned by Rupert Murdoch’s News Corp, has published another biting opinion piece attacking President Donald Trump after his threat to fire Federal Reserve Chair Jerome Powell.

The project has exceeded its initial budget. But what the Trump adminstration really wants is lower interest rates.

The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

The president suggested he could attempt to remove the Fed chair for cause, arguing the central bank spent too much money on renovations of two historic office buildings.