President Donald Trump’s administration is facing mounting blowback on Wall Street over the Department of Justice’s push to launch a criminal inquiry into outgoing Federal Reserve Chair Jerome Powell.

“I want to say that I don’t agree with everything the Fed has done; I do have enormous respect for Jay Powell, the man […] Anything that chips away at [the Fed’s independence] is not a good idea. And in my view, will have the reverse consequences. It’ll increase inflation expectations and probably increase rates over time.”

The Fed being independent from the executive is extremely important because it keeps monetary policy independent of political influence and bad populist economic policies, which in turn helps build trust among investors and the general public. Many of the Trump admins demands make for good campaign soundbites but would more likely spell financial ruin should they be actually implemented.