Warren US Senator "Trump, if you dismiss Powell, will cause financial market collapse"

Prominent American progressive politician Elizabeth Warren (Source: Politico)

U.S. Senator Elizabeth Warren expressed strong concern over President Donald Trump's move to dismiss Jerome Powell, Chair of the Federal Reserve (Fed). She warned, “The dismissal of Chairman Powell could be a significant threat to the foundation of the financial system.”

Senator Warren criticized, “The reason the global economy and financial markets have been able to remain stable up to now is because Fed's interest rate decisions have been independent from politics,” adding, “If interest rate policy falls into the hands of a single president, it will bring a critical weakening to America's financial infrastructure and eventually lead to a market collapse.”

This statement came in response to President Trump's recent strong dissatisfaction with the Fed's monetary policy direction, saying, “Chairman Powell should immediately lower rates,” and mentioning the possibility of Powell's dismissal. Having maintained a negative stance on cryptocurrency, Senator Warren is interpreted to emphasize that the politicization of markets can adversely affect not only risky assets like cryptocurrency but also the entire global financial environment.