The president might want to admit that he’s retreating, but it’ll probably be awhile before he echoes his own rhetoric about the Fed chair's “termination.”

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

Most legal scholars agree that Trump can’t fire Powell from the Fed’s board of governors, and there is no legal precedent for doing so. However, there is less agreement over whether a president can remove him as chair.