Trump’s attacks on Powell and the Fed more generally are damaging, say experts, because investors expect the Fed to operate independently of political interference. The Fed should be setting monetary policy based on the needs of the economy, not on what’s politically expedient for those in power now.

Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.