The president may try to terminate the Fed chair’s tenure early. But whether Trump has the ability to do so isn’t clear.

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.

Reports of Trump firing Fed Chair Powell caused major indexes to fall midday Wednesday, but losses were pared as Trump backed off.