The independence of central banks, which allows policymakers to operate free from political meddling, is considered sacrosanct by investors and economists.

Economists interviewed by Newsweek warned that removing Powell now would roil markets, erode trust in U.S. institutions and ultimately hurt ordinary Americans.

Taken together, the impact of President Trump’s whirlwind six months back in office is showing up in the economy.The effect isn’t yet enough to derail the economy, which by many measures has weathered Trump’s trade wars much better than many on Wall Street and in Washington feared.

For investors, the risk now is that the slow drip of news on tariffs leads to complacency about the damage they might cause-the Nasdaq stock index closed a record high yesterday.