Deutsche Bank warns that President Trump firing Jerome Powell from the Federal Reserve could lead to a collapse in currency and bond markets. The chances of Powell’s ouster are at 19%. Investors fear the impact on central bank independence and global markets. Powell faces scrutiny over Fed HQ renovations, raising concerns of his removal.

The removal of Powell could have severe consequences, causing a sharp drop in the value of the U.S. dollar and a sell-off in U.S. fixed income. The situation mirrors Turkey, where political control of the central bank led to high inflation. Investors see Powell’s removal as a significant underpriced risk in the coming months.

Read more at Yahoo Finance: If Trump fires the Fed’s Powell, ‘both the currency and the bond market can collapse,’ according to Deutsche Bank