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.

(Reuters) - President Donald Trump on Monday kept up his verbal assault on Federal Reserve Chair Jerome Powell over the Fed's refusal for now to further cut interest rates, rattling financial markets growing ever more fearful that Trump may ultimately try to fire the U.S. central bank chief over the matter.

Mr Trump’s ultimate desire is not in doubt. The Fed has cut rates by only a percentage point since September, to 4.25-4.5%. Mr Trump, like most businessmen, dislikes tight money, and covets the lower rates in Europe and elsewhere.