Federal Reserve Chair Jerome Powell’s firing likely isn’t imminent. But scapegoating Powell for an economic downturn could be, with troubling consequences.

Mr Trump’s ultimate desire is not in doubt. The Fed has cut rates by only a percentage point since September, to 4.25-4.5%. Mr Trump has always disliked tight money, and covets the lower rates in Europe and elsewhere.

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.