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

WASHINGTON (AP) — President Donald Trump said Wednesday that he was “highly unlikely” to fire Federal Reserve Chair Jerome Powell, a public statement made less than 24 hours after suggesting in a private meeting that he was leaning in favor of dismissing the head of the nation’s central bank.

The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.