President Donald Trump has privately discussed firing Federal Reserve Chair Jerome Powell for months and talked about it with former Fed Governor Kevin Warsh, including the possibility of then selecting Warsh as Powell's replacement,

Trump’s call for Powell’s ousting comes after the markets tumbled in response to his comments yesterday that tariffs could spur price hikes and further weaken the economy. Trump’s post also came shortly after the European Central Bank lowered rates by a quarter point this morning,