Barron’s spoke with Tobin Marcus, head of U.S. policy and politics with Wolfe Research and a former White House advisor during the Obama era, about what could unfold if Trump follows through on such a move. An edited version of our conversation is below.

Trump's beef with Jerome Powell centers on interest rates, but he has also started criticizing his management of the renovation of two Fed buildings.

The White House on Thursday launched a fresh attack on Federal Reserve Chair Jerome Powell, with a top Trump administration official saying Powell had "grossly mismanaged" the central bank, chastising him for running a deficit and for extensive cost overruns for building renovations.

The White House financial watchdog ripped Federal Reserve Chair Jerome Powell over a lavish revamp of the central bank’s Washington, DC headquarters — and warned construction could be

The Federal Reserve's] hesitancy to cut rates, I think, is actually … quite a mark against them,” former Fed governor Kevin Warsh said.

President Trump said it was "highly unlikely" he would fire Jerome Powell, but also said he discussed the idea with Republican lawmakers who expressed support.

President Trump asked a group of Republican lawmakers how they felt about him firing Federal Reserve Chair Jerome Powell and told them he would "likely" fire Powell "soon," according to two White House officials and sources familiar with the Tuesday evening meeting.

When a reporter asked if the expensive renovation was a fireable offense, Trump replied, “I think it sort of is."