Republican senators warned Trump not to fire Fed Chair Jerome Powell, citing risks to market stability and the Fed’s independence.

Senate Republicans are warning President Trump that it would be a big mistake to follow through on his threat to fire Federal Reserve Chair Jerome Powell, saying it would likely send a “shock wave” through the financial markets and roil the broader economy.

Economists interviewed by Newsweek warned that removing Powell now would roil markets, erode trust in U.S. institutions and ultimately hurt ordinary Americans.