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.

Stocks were soaring this morning in a second huge rally as investors cheered President Donald Trump's comments that he hoped a trade deal with China could negotiated soon. And there was talk the United States might start cutting tariffs rates,