But on the campaign trail, Trump floated requiring Fed officials to consult with him on interest rate decisions. That could lead to pressure on Fed officials to keep rates lower to satisfy Trump’s wishes, which in turn could reignite inflation.

Elon Musk’s involvement is click-baity from the content of the article. Primarily it is about Donald Trump wanting the Federal Reserve Bank to consult with him before changing the interest rate. Abolishing the fed is probably hyperbole.

It’s unclear if Trump has the legal authority to overhaul the Fed’s independence on his own, let alone at all, or remove a Fed appointee before their term expires. On the latter, Powell, a lawyer himself, made his view abundantly clear when asked by a reporter at last week’s press conference after the Fed’s two-day monetary policy meeting. “Not permitted under the law,” he briskly responded.

Trump will enter the White House with a republican controlled congress and judiciary. A simple majority in congress is all that’s needed to repeal the Federal Reserve Act, though without a replacement lined up, that alone would be enough to destroy our economy so thoroughly it could lead to partial societal collapse; possibly on a global scale.