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.
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U.S. President Donald Trump told the UN General Assembly on Tuesday that he ended seven long-running conflicts in just seven months and insisted “everyone says” he deserves a Nobel Peace Prize.
U.S. President Donald Trump rejected growing international recognition of a Palestinian state at the UN General Assembly on Tuesday, accusing members of “rewarding Hamas” and attacking allies over energy and immigration policies.
Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investment and to offset the impact of U.S. President Donald Trump's tariffs.
The Iranian President Masoud Pezeshkian and Azerbaijani Deputy Prime Minister Shahin Mustafayev reviewed bilateral relations between the two neighbouring countries official sources said on Tuesday.
AnewZ has learned that India has once again blocked Azerbaijan’s application for full membership in the Shanghai Cooperation Organisation, while Pakistan’s recent decision to consider diplomatic relations with Armenia has been coordinated with Baku as part of Azerbaijan’s peace agenda.
A day of mourning has been declared in Portugal to pay respect to victims who lost their lives in the Lisbon Funicular crash which happened on Wednesday evening.
A Polish Air Force pilot was killed on Thursday when an F-16 fighter jet crashed during a training flight ahead of the 2025 Radom International Air Show.
Video from the USGS (United States Geological Survey) showed on Friday (19 September) the Kilauea volcano in Hawaii erupting and spewing lava.
At least eight people have died and more than 90 others were injured following a catastrophic gas tanker explosion on a major highway in Mexico City’s Iztapalapa district on Wednesday, authorities confirmed.
U.S. President Donald Trump told the UN General Assembly on Tuesday that he ended seven long-running conflicts in just seven months and insisted “everyone says” he deserves a Nobel Peace Prize.
U.S. President Donald Trump rejected growing international recognition of a Palestinian state at the UN General Assembly on Tuesday, accusing members of “rewarding Hamas” and attacking allies over energy and immigration policies.
Indonesia and the European Union concluded a free trade agreement on Tuesday after nine years of talks, with both aiming to boost exports and investment and to offset the impact of U.S. President Donald Trump's tariffs.
Beijing is in talks with Boeing over a potential order of up to 500 aircrafts, a deal that could reshape the U.S. manufacturer’s fortunes in China after years of stalled sales.
Norway has joined in the condemnation of recent incidents of Russian violation of allied airspaces with the latest being Denmark and at the same time revealed that its airspace was violated three times by Russia over spring and summer this year.
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