JPMorgan economist Michael Feroli said that if Trump wins the US election in November, the financial marekt could become the main resistance to his control of the Federal Reserve. While Trump can apply pressure by replacing Federal Reserve Chairperson Jerome Powell, the move could provoke a strong market reaction, driving up the cost of borrowing Treasury bonds and threatening the status of the dollar as a reserve currency. Feroli pointed out that market opposition could limit Trump's intervention in the independence of the Federal Reserve, although he believes the president should have more say in interest rate policy.