Deutsche Bank strategists say the market underestimates the risk of Powell's dismissal

A strategist at Deutsche Bank stated that U.S. President Donald Trump may remove Federal Reserve Chairman Jerome Powell from office, which is a significant and underestimated risk that could trigger a sell-off in the U.S. dollar and U.S. Treasuries. Trump indicated this week that if a government official's accusation that the central bank governor misled Congress regarding the Fed's headquarters renovation project is true, then Powell should "resign immediately." This statement further intensified Trump's ongoing criticism of the Federal Reserve chairman. Trump has previously called for substantial interest rate cuts from the Fed and hinted that he might nominate a successor before Powell's term ends