11:34 AM EDT, 07/16/2025 (MT Newswires) -- President Donald Trump is expected to fire Federal Reserve Chair Jerome Powell soon, Bloomberg reported Wednesday, citing a White House official.

Trump has not made a final decision and could change his mind, the official reportedly told Bloomberg.

A dismissal would likely trigger a significant legal showdown over the president's authority to remove the Fed chair and could lead to market turmoil, according to the report.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)