Good Wednesday afternoon. Today's newsletter, edited by Sam Baker, is 429 words, a 2-min. read. Thanks to Sheryl Miller for copy editing.

President Trump has the market on a knife's edge, waiting to see whether he'll fire Fed Chair Jerome Powell — upending a century of Fed independence in the process, Axios' Ben Berkowitz writes.

• Multiple outlets reported today that Trump was close to firing Powell.
• The New York Times reported that Trump had even shown congressional Republicans a termination letter that had already been written.