If President Donald Trump were to fire Federal Reserve Chair Jerome Powell, it could have unintended and severe consequences that reverberate throughout the US economy and global markets.

President Donald Trump indicated he is likely to fire Federal Reserve Chairman Jerome Powell, a White House official said, a dramatic step that would launch a legal battle over control of the central bank and could roil financial markets.

Trump and White House allies have intensified pressure on Powell, urging the Fed to cut its key interest rate through a multi-front push.