U.S. President Donald Trump said he would love for Federal Reserve Chair Jerome Powell to resign but acknowledged that many have said it would disrupt the markets if the president were to remove him. Trump made the comments in an interview with the Real America's Voice network aired on Wednesday.
The comments sparked market turmoil in both bond and strock markets but Wall Street ended higher on Wednesday, 16 July, with the Nasdaq Composite hitting a fresh record, despite a brief period of volatility earlier in the day.
However, calm was restored after it was clarified that the president had no plans to remove Powell from his position.
The S&P 500 index rose by 19.65 points (0.31%) to close at 6,263.41, the Nasdaq Composite gained 51.82 points (0.25%) to finish at 20,729.62, and the Dow Jones Industrial Average increased by 220.61 points (0.50%) to end at 44,243.90.
Financial analysts noted that Goldman Sachs delivered a strong quarterly report, which helped maintain optimism in the market, despite some slight weakness in investment banking. Overall, the market appears to be undergoing a phase of profit-taking at this stage.
Trump has criticized Powell on an almost daily basis in recent days for being "too late" to cut interest rates.
The White House and some Republicans have recently expressed criticism of cost overruns in a $2.5 billion renovation of the Fed's historic headquarters in Washington.
The criticism has confirmed the view that the Trump administration is actively exploring those costs as a possible avenue to try to fire the Fed chief well before his term as chair ends in May 2026.
There has been no evidence of fraud, and the Fed has pushed back on criticism of its handling of the project.
A Fed spokesperson had earlier pointed to Powell's repeated statements that he has no intention of resigning and would not if asked to do so.
Powell, who was nominated by Trump in late 2017 to lead the Fed and then nominated for a second term by then-President Joe Biden four years later, has said he intends to serve out his term as Fed chief, which ends on May 15.
Trump said earlier on Wednesday he is not planning to fire Powell.
Kazakhstan has restored oil production after an accident at the Tengiz oil field briefly disrupted output last week, while also signalling its readine...
Baku has once again become a focal point for international energy diplomacy, investment and strategic cooperation, as Baku Energy Week brings together...
Dutch police have launched an investigation into the use of force against a pregnant woman at an asylum seekers' centre in Zeist after videos of the i...
Trump reportedly lashed out at Netanyahu on Monday over Israel's escalation in Lebanon, describing the Israeli leader as "crazy" and warning that furt...
A launch ceremony marking the commissioning of the modernised Baku-Tbilisi-Kars (BTK) railway line was held at Akhalkalaki station in Georgia on 2 Ju...
Kazakhstan has restored oil production after an accident at the Tengiz oil field briefly disrupted output last week, while also signalling its readiness to increase crude shipments through the Baku–Tbilisi–Ceyhan (BTC) pipeline.
Baku has once again become a focal point for international energy diplomacy, investment and strategic cooperation, as Baku Energy Week brings together policymakers, industry leaders and investors from around the world.
Dutch police have launched an investigation into the use of force against a pregnant woman at an asylum seekers' centre in Zeist after videos of the incident circulated widely on social media.
Trump reportedly lashed out at Netanyahu on Monday over Israel's escalation in Lebanon, describing the Israeli leader as "crazy" and warning that further military action would deepen Israel's international isolation, according to a report by Axios.
Okinawa lost transport links and suffered widespread power outages on Monday (1 June) as Severe Tropical Storm Jangmi brought destructive winds and heavy rain to Japan's south-western islands.
Competing narratives continue to shape perceptions of the war in Ukraine, with Russian leadership suggesting a possible end phase while Ukrainian officials warn of renewed large-scale attacks and ongoing escalation risks.
U.S. Secretary of State Marco Rubio has held talks with Lebanese President and Israeli Prime Minister on efforts to ease tensions between Israel and Lebanon. According to a U.S. official, Washington has proposed a plan aimed at achieving a gradual de-escalation of hostilities.
When Armenians vote on 7 June, they will be voting in an election shaped by months of political change and a rapidly deepening relationship with the European Union. The result may not only determine who governs Armenia but also the future direction of the country's geopolitical alignment.
Unsealed records from the U.S. Department of Justice have renewed scrutiny of lawyer Robert Amsterdam after documents revealed communications between his law firm and Jeffrey Epstein's office. The disclosures have drawn attention because of Amsterdam's prominent role in Armenia.
Dutch police have launched an investigation into the use of force against a pregnant woman at an asylum seekers' centre in Zeist after videos of the incident circulated widely on social media.
Hungarian Prime Minister Péter Magyar said on Monday that his government would begin legal proceedings to remove President Tamás Sulyok if he continues to reject calls to resign.
Hundreds of people were left homeless after a massive fire in Indonesia's capital Jakarta affected more than 300 houses, according to state-run media on Tuesday.
Competing narratives continue to shape perceptions of the war in Ukraine, with Russian leadership suggesting a possible end phase while Ukrainian officials warn of renewed large-scale attacks and ongoing escalation risks.
Russian drones and missiles pounded the Ukrainian capital Kyiv and other cities early on Tuesday, killing at least 11 people and wounding more than 100, authorities said, following days of warnings about Moscow's plans for a major assault.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment