Criticism of Jerome Powell and interference with the Fed could threaten the global position of the US dollar.

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Foreign investors are increasingly uneasy about US monetary policy following Donald Trump’s public criticism of Federal Reserve Chairman Jerome Powell. The concern is that the fight over the central bank could send US bond yields soaring and the dollar lower.

Officials in Tokyo and Beijing reportedly view Jerome Powell’s removal as more of a question of “when” than “if,” the note said. Any interference with the Fed could threaten the global position of the US dollar.

With Japan and China holding more than $1.8 trillion in US Treasuries combined, they are the countries that would be “directly on the front lines” if Donald Trump were to remove Jerome Powell.