Risk of Powell firing is too big to price: McGeever

Just like a global trade war, the dismissal of the chair of the Federal Reserve by the U.S. President is an event investors know will be unequivocally bad for markets. But it is also a risk that is too far-reaching to properly quantify, meaning the market might be forewarned, but it won't be forearmed.

U.S. President Donald Trump on Thursday escalated his feud with Fed Chair Jerome Powell - who Trump himself nominated in 2017 – writing on social media that "Powell's termination cannot come fast enough" and later telling reporters that the Fed chair is "playing politics".