US Senator Tillis
US Senator Tillis

The firing of Fed chair Powell could have created a firestorm despite reports of GOP support.

The Senate GOP banking committee member Tillis is out saying:

  • Firing a Fed chair over economic decision would undermine US credibility.
  • If Fed chair is fired, you are going to see a pretty immediate response and we've got to avoid that.
  • Ending Fed's independence would be a huge mistake.

Meanwhile House Speaker Johnson is on the wires saying that:

  • Having a new Fed chair would be helpful at the Fed.
  • He believes that interest rates need to be adjusted.
  • He agrees with the presence assessment
Source: Forex Live