The fear is the loss of safe guards and independence of the Federal Reserve. Trump is actively trying to remove safe guards and independence that would allow the Federal Reserve to counteract anything like this. If for instance Trump wants to hold interest rates low regardless of what anyone is telling him, he wants that power[0][1].

The upcoming decision by the Supreme Court on case Trump v. Cook is about this very issue[2]

[0]: https://www.cnn.com/2026/01/29/economy/federal-reserve-indep...

[1]: https://www.pbs.org/newshour/nation/why-the-federal-reserves...

[2]: https://hls.harvard.edu/today/will-the-federal-reserve-remai...