JPMorgan Chase: If Trump is elected, the market may prevent him from controlling the Federal Reserve

JPMorgan economist Michael Feroli stated that if Trump wins the U.S. election in November, financial markets could be a major obstacle to his control of the Federal Reserve. Although Trump can exert pressure by replacing Fed Chairman Powell, this move may trigger a strong market reaction, pushing up the cost of borrowing for U.S. Treasury bonds and threatening the status of the dollar as a reserve currency. Feroli pointed out that market opposition might limit Trump's interference with the independence of the Federal Reserve, even though he believes that presidents should have more say in interest rate policy.