So, is this a big deal? A real move to fire Powell would be a power grab with huge implications. Fed independence is critical for economic stewardship, and trying to seize control of central banks is straight out of the authoritarian playbook. But Trump has posted about the Fed, often to disparage and threaten Powell, more than 100 times since nominating him in 2017 — yet he has never taken any action to fire him. For now, at least, there’s no evidence it’ll be different this time.

And the administration seems to see value in the Fed’s independence: When Trump in February moved to consolidate power over all of the executive branch’s independent agencies, his order specifically exempted the Fed’s authority to set interest rates.