Sen. Kennedy: Trump firing Powell 'would crash the stock market'

Federal Reserve Independence - The Federal Reserve should be independent, as central bank dependence can negatively impact a country's economy [1] - Firing Jerome Powell could destabilize the global economy [1] Market Impact of Potential Fed Chair Removal - Removing Powell could crash the stock market and the bond market [2] - Interest rates, specifically the 10-year Treasury yield, could rise by 100 to 200 basis points (1% to 2%) [2] - Increased interest rates would significantly increase the government's budget allocation for interest payments [2] Presidential Considerations - The president's lawyers and economists are likely to advise against firing Powell due to potential market repercussions [2]