Trump's Attacks On Powell Threaten The Fed's Independence. Here's Why It Matters

Donald Trump has stepped up his attacks on Federal Reserve Chair Jerome Powell at the same time that the Supreme Court is considering a case that could make it easier for the president to fire him.

The developments are occurring against a backdrop of wider turmoil in the economy and financial markets, brought on by Trump's sweeping taxes on imports . Most economists worry that an assault on the Fed's longstanding independence from politics would further disrupt markets and add to the uncertainty enveloping the economy.

In comments at the White House Thursday, Trump suggested he has the power to remove Powell and criticized him for not aggressively cutting interest rates.

"If I want him out, he'll be out of there real fast, believe me," Trump said. "I'm not happy with him."

All the scrutiny threatens the Fed's venerated independence, which has long been supported by most economists and Wall Street investors. Here are some questions and answers about the Fed.