The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

U.S. Treasury yields moved higher on Wednesday after President Donald Trump shut down speculation that he plans to fire Fed Chair Jerome Powell.

The White House is looking for any possible way to discredit Jerome Powell right now," said Stephen Moore, an informal Trump economic adviser.

The dollar briefly tumbled on Wednesday and Treasury bond yields popped higher on reports citing an unidentified White House official that U.S. President Donald Trump is likely to fire Federal Reserve Chair Jerome Powell soon,

The president indicated to Republican lawmakers that he is likely to attempt to remove the Fed chair from his job soon.

Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.