Internet reports that during Trump's campaign, he said that he should be consulted on the Federal Reserve's interest rate decisions. Federal Reserve Chairman Powell did not ignore these remarks. He made it clear that if Trump asked him to resign, he would not resign-the reason is that the president has no legal power to remove him from office. These developments set the stage for a confrontation between the Federal Reserve and the incoming president, with TS Lombard economist Dario Perkins believing Powell will have the upper hand. "Now we face a larger confrontation between populists and 'bond vigilantes,' and many expect a conflict between Trump and Powell," Perkins wrote. "If Trump challenges the Federal Reserve, it is conceivable that Powell may 'weaponize' the bond market to teach Trump a lesson."