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.

Most legal scholars agree that Trump can’t fire Powell from the Fed’s board of governors, and there is no legal precedent for doing so. However, there is less agreement over whether a president can remove him as chair.

The Dow, S&P 500 and Nasdaq Composite are on pace for a second day of gains after President Trump said he won’t fire Federal Reserve Chairman Jerome Powell after all, but he still pushed him to cut interest rates now.