President Donald Trump rocked Wall Street temporarily by saying he had “talked about the concept of firing” the head of the Federal Reserve, but was unlikely to do so, ”unless he has to leave for fraud”.

President Donald Trump sent the U.S. stock market on a jagged round trip Wednesday after saying he had "talked about the concept of firing" the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.

Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.