The President’s campaign to bend the independent central bank to his will is straight out of the playbook of populist strongmen and will likely go on for years.

President Donald Trump's contemplation of firing Federal Reserve Chair Jerome Powell over interest rate disagreements threatens to challenge the legal boundaries of historical Fed independence. The Federal Reserve Act's unclear definition of 'cause' for removal of board members could lead to unprecedented legal confrontations and implications for the central bank's autonomy.

Trump lambasted the Fed for its $2.5 billion renovation of its headquarters and another building ahead of a tour of the site.