Mohamed El-Erian and Jeremy Siegel think Jerome Powell's resignation would ultimately bolster the independence of the central bank.

Trump has criticized Powell for months because the chair has kept the short-term interest rate the Fed controls at 4.3% this year, after cutting it three times last year. Powell says the Fed wants to see how the economy responds to Trump’s sweeping tariffs on imports, which Powell says could push up inflation.

The independence of central banks, which allows policymakers to operate free from political meddling, is considered sacrosanct by investors and economists.