President Donald Trump indicated he is likely to fire Federal Reserve Chairman Jerome Powell, a White House official said, a dramatic step that would launch a legal battle over control of the central bank and could roil financial markets.

WASHINGTON -- WASHINGTON (AP) — Federal Reserve Chair Jerome Powell is gaining some key backing on Capitol Hill from GOP senators who fear the repercussions if President Donald Trump follows through with threats to try and remove the politically independent central banker.

President Donald Trump denied that he plans to fire Federal Reserve Chairman Jerome Powell, contradicting a senior White House official. House Republicans said Trump spoke about the plan Tuesday night.