The Fed chairman has never been fired in American history.

The "Federal Reserve Act" stipulates that the Chairman of the Fed can only be removed by the President for "just cause" (such as criminal behavior), but this provision has never been tested.

Firing will directly trigger a constitutional crisis, at which point risk assets priced in dollars will experience a panic sell-off, the dollar will devalue, and market independence will be compromised due to policy uncertainty.

Congress and the law will face unprecedented challenges, which will directly undermine global investor confidence.

If the news of the layoffs is true, the market will face significant turmoil.