President Trump is considering removing Federal Reserve chairman Jerome Powell, which analysts warn could cost the government $58 billion in interest bills. If Powell is ousted, Treasury yields could rise, leading to higher borrowing costs and political instability. This move could add $58 billion to the interest bill on US bonds, potentially pushing rates to 5.5%. The surge in Treasury yields could also impact the dollar and mortgage rates, further slowing the housing market. Trump’s spending bill could see debt interest rise to 6.1% by 2054, compounding the economic impact of removing Powell.

Read more at Donald Trump threatens to remove Federal Reserve chairman Jerome Powell – Reuters: Trump will be hit with $60bn bill if he sacks Powell