MarketWatch: Stocks, Treasurys, dollar tumble in unison on 'increasingly forbidding' growth backdrop

"Firing an active Fed chair could unleash consequences that make recent market turmoil look tame," Karl Schamotta wrote in a note. "If the central bank’s dual mandate — preserving price stability and fostering full employment — is diluted with a new set of objectives defined by the White House, policymakers could find themselves unable to tighten policy dramatically in the face of a sudden increase in prices, meaning that rates are persistently kept below 'neutral' levels, and that inflation remains higher over the long run." MarketWatch: Stocks, Treasurys, dollar tumble in unison on 'increasingly forbidding' growth backdrop