While almost no one thinks Donald Trump's verbal attacks on Federal Reserve Chair Jerome Powell are a positive development, they have electrified the debate about whether the U.S. president is right that interest rates are too high.

President Trump's war on Federal Reserve chair Jerome Powell is taking on a more aggressive form, bringing Trump a step closer to trying to oust the head of the Fed. Why it matters: Trump wants Powell to cut interest rates,

NEW YORK (AP) — U.S. stocks are shaky on Wednesday after President Donald Trump said he had “talked about the concept of firing” the head of the Federal Reserve. Such a move could help Wall Street get the lower interest rates that it loves but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.

A new report shows inflation has picked up and analysts believe the prices of many goods increased, in part, because of President Trump’s tariffs. It will play into decisions by the Federal Reserve about when and whether to cut interest rates and comes as the president and his team have ramped up their pressure campaign on Fed Chair Jerome Powell.

Stocks had been rising modestly in the morning, before news reports saying that Trump was likely to fire the Fed chief, which quickly sent the the S&P 500 down by 0.7%. When later

CNBC's "Closing Bell" team discusses what to expect from upcoming bank earnings with Stephen Biggar, director of financial services research at Argus Research.

Many on Wall Street have privately worried that political pressure will undermine the Federal Reserve’s credibility.