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.

Stock futures are pointing to a sharply higher open for major indexes on Wednesday after comments from President Donald Trump eased investor concerns about tariffs and Federal Reserve independence.

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.