Former Commerce Secretary Wilbur Ross believes that President Donald Trump attempting to unseat Federal Reserve Chair Jerome Powell would result in a lengthy legal battle and few benefits for the president.

President Donald Trump has escalated his pressure campaign against Federal Reserve Chair Jerome Powell, leaving the door open to ousting him for “fraud,” he said last week. That raises questions about what would happen if Trump actually tires to fire the central bank leader.

Donald Trump has been bullying Federal Reserve Chair Jerome Powell—calling him “too late,” insulting his intelligence, and trying to gin up a case that Powell spent too much on renovations of the agency’s headquarters as a pretext for firing him.

The letter surfaced as President Donald Trump has bludgeoned the Federal Reserve chairman Powell with criticism over his refusal to cut interest rates.

New data from the White House Council of Economic Advisers backs President Donald Trump's calls for the Federal Reserve to cut interest rates.

Treasuries were on course to snap a four-day rally as investors look to a speech by Federal Reserve Chair Jerome Powell later Tuesday amid mounting pressure on him from the US administration to step down.