'Sell America' Returns to Markets as Trump Raises Pressure on Powell

Market Reaction & Sentiment - The market experienced a chaotic 90 minutes of trading, characterized by a "sell America" theme across asset classes [1][2] - The dollar weakened, the equity market declined, and the back end of the Treasury market sold off aggressively [2] - The market priced in an additional rate cut for the remainder of the year [2] - Betting market odds of Trump dismissing Powell by the end of the year surged to nearly 40%, but later returned to previous levels [5] Potential Scenarios & Uncertainty - The market is questioning Jerome Powell's potential dismissal and the subsequent implications [2][3] - Scenarios include Powell's potential actions, the vice chair stepping in, and potential resignations from the Fed board [3] - The confirmation process of Trump's new pick by the Senate is uncertain, especially considering the summer recess [4] - A Supreme Court decision could potentially reverse Trump's authority to remove Powell from his position [4]