The feud between President Donald Trump and Federal Reserve Chairman Jerome Powell reached new heights this week. A White House official told CNBC earlier this week that Trump was moving toward firing Powell from his post , and a report in The New York Times also said the president had gone as far as drafting a letter for Powell’s ouster. Trump later denied a dismissal was imminent, but didn’t rule it out. On Friday in a Truth Social post, Trump said, “lower the Rate, Too Late,” referring to Powell. Let’s be clear: U.S. presidents putting pressure on Fed chiefs to lower rates — or keep rates lower — is nothing new. George H.W. Bush blamed then-Fed Chair Alan Greenspan for his reelection bid loss. By Bush’s account, Greenspan wasn’t cutting rates fast enough at the time, thus costing him a second term. But no president has so openly pushed for easier monetary policy. Bank of America strategist Michael Hartnett pointed to several reasons why Trump has been so vocal about the Fed lowering rates. “US government spend = $7tn and Trump can’t cut $4tn mandatory spending, has backed off cutting $1tn of discretionary spend (no DOGE) and $1tn of defense spend,” he said in his weekly “Flow Show” report. Investors have been waiting with bated breath to see if the president actually removes the Fed chief, which will send ripples through global markets. How to play it If this happens, Hartnett highlighted the top ways to play Powell’s potential dismissal. “If forced change in Fed Chair/Fed cuts coming months in absence of recession…best trades are… short US dollar (US$ debasement), long gold/crypto (anarchy hedges), short 30-year Treasury (Fed cutting into boom not bust), long barbell of US tech & EAFE/EM value (hedging bubble),” said Hartnett. Right now, though, equities are holding up. The S & P 500 is on track for a weekly gain and posted a fresh record close on Thursday. Hartnett points out that Bank of America clients funneled $4.8 billion into equities this week.