Most legal scholars agree that Trump can’t fire Powell from the Fed’s board of governors, and there is no legal precedent for doing so. However, there is less agreement over whether a president can remove him as chair.

Stock futures are pointing to a sharply higher open for major indexes on Wednesday after comments from President Donald Trump eased investor concerns about tariffs and Federal Reserve independence.

Stock markets were enjoying a much-needed relief rally in Asia on Wednesday after U.S. President Donald Trump said he had no plans to fire the head of the Federal Reserve, and hinted at lower tariffs for China.