President Donald Trump accused the Federal Reserve under Chair Jerome Powell of "choking out the housing market". Trump, citing higher interest rates, said they are "making it difficult for people, especially the young, to buy a house," calling Powell "truly one of my worst appointments."

Barron’s spoke with Tobin Marcus, head of U.S. policy and politics with Wolfe Research and a former White House advisor during the Obama era, about what could unfold if Trump follows through on such a move. An edited version of our conversation is below.

President Trump said he’s not planning to fire Jerome Powell, and still managed to make it sound like a threat.