Top voices on Wall Street have expressed alarm over the idea that Trump could fire Fed Chair Jerome Powell, emphasizing the need for Fed independence.

WASHINGTON (AP) — 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.

After asking a group of House Republicans on Tuesday if he should fire Federal Reserve Chair Jerome Powell, President Trump on Wednesday said it's unlikely Powell will be fired and he'll wait until the Fed chair's term is up next year.