During Trump's campaign, he stated that the Federal Reserve's interest rate decisions should consult him. Federal Reserve Chairman Powell did not ignore these remarks; he clearly stated that if Trump asked him to resign, he would not resign—reason being that the president does not have the legal authority to remove him from office. These dynamics have sown the seeds for a confrontation between the Federal Reserve and the incoming president. Dario Perkins, an economist at TS Lombard, believes Powell will have the upper hand. "Now we face a larger-scale confrontation between populists and 'bond vigilantes,' and many expect a clash between Trump and Powell," Perkins wrote. "If Trump challenges the Federal Reserve, it is conceivable that Powell might 'weaponize' the bond market to teach Trump a lesson."