Barron’s spoke with Tobin Marcus, head of U.S. policy and politics with Wolfe Research and a former White House advisor during the Obama era, about what could unfold if Trump follows through on such a move. An edited version of our conversation is below.

Federal Reserve chair Jerome Powell responded to a pointed letter from the Trump administration on Thursday, offering the central bank's strongest defense to date in attacks over its building renovations.

Federal Reserve Chair Jerome Powell is under fire from the White House, which accuses him of bungling a yearslong renovation of the Fed's headquarters and has suggested that it could be cause to fire him.