An MSNBC host in an interview on Wednesday revealed the one thing that has prevented President Donald Trump from sowing economic chaos.

Stephanie Ruhle, host of MSNBC's "The 11th Hour," joined Joanna Coles, The Daily Beast's chief content officer, on the publication's podcast to discuss the potential impact of Trump firing Federal Reserve governor Lisa Cook. The Trump administration has accused Cook of committing mortgage fraud. Cook and her legal team have denied all wrongdoing.

Ruhle argued that the financial markets have been relatively muted on the news, which may be emboldening Trump. However, that may change if the stock market begins to sell off.

"The markets, at this point, feel like his one guardrail," Ruhle said. "When things really drop, he moves."

There are other times when Trump has let the financial markets dictate his policies, Ruhle said. For instance, the S&P 500 lost more than 12% after Trump announced his "Liberation Day" tariffs in April. Trump then backed off on the tariffs until the markets recovered.

"So on one hand, yes, it's surprising that the markets haven't had a big reaction to this announcement from Trump," Ruhle said. "But things are also somewhat muted because Trump says a lot of things."

"If this actually happens and the Fed loses its independence, it'll have massively negative impacts," Ruhle said. "How could it not?"

Watch the entire interview below or by clicking here.