The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

President Donald Trump on Monday kept up his verbal assault on Federal Reserve Chair Jerome Powell over the Fed's refusal for now to further cut interest rates, rattling financial markets growing ever more fearful that Trump may ultimately try to fire the U.

Trump’s softer tone on Powell came after he lashed out at the Fed chair, writing on social media last week, “Powell’s termination cannot come fast enough!” But on Tuesday,