Reports that President Trump was considering trying to remove Federal Reserve Chair Jerome Powell have had a clear, if modest, effect on the bond market—even after Trump told reporters that he [wasn’t “planning on doing anything.

If President Trump gets his way and removes Jerome Powell as chairman of the U.S. Federal Reserve, the market reaction would be swift and brutal, Deutsche Bank’s George Saravelos argues. It could collapse the currency and bond markets,

Potential removal of Fed Chair Jerome Powell could disrupt markets, spike inflation expectations, and impact the USD and bonds.