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.
A scientist in the US revealed the pioneering device which works alongside artificial intelligence to monitor the body's vital signs and alert in case...
...
Norway's $2 trillion sovereign wealth fund said on Monday it is terminating contracts with asset managers handling its Israeli investments and has div...
The Russian and Belarusian armed forces will hold joint strategic drills in Belarus from 12 to 16 September, the Belarusian Defence Ministry announced...
Iraqi Foreign Minister Fuad Hussein has proposed a "6+2" format meeting bringing together Iran, Iraq, and the six Gulf Cooperation Council (GCC) membe...
A scientist in the US revealed the pioneering device which works alongside artificial intelligence to monitor the body's vital signs and alert in case of danger.
Norway's $2 trillion sovereign wealth fund said on Monday it is terminating contracts with asset managers handling its Israeli investments and has divested parts of its portfolio in the country over the situation in Gaza and the West Bank.
The Russian and Belarusian armed forces will hold joint strategic drills in Belarus from 12 to 16 September, the Belarusian Defence Ministry announced on Tuesday.
The world’s biggest dance music festival faces an unexpected setback as a fire destroys its main stage, prompting a last-minute response from organisers determined to keep the party alive in Boom, Belgium.
A powerful eruption at Japan’s Shinmoedake volcano sent an ash plume more than 3,000 metres high on Sunday morning, prompting safety warnings from authorities.
According to the German Research Centre for Geosciences (GFZ), a magnitude 5.7 earthquake struck the Oaxaca region of Mexico on Saturday.
A resumption of Iraq’s Kurdish oil exports is not expected in the near term, sources familiar with the matter said on Friday, despite an announcement by Iraq’s federal government a day earlier stating that shipments would resume immediately.
'Superman' continued to dominate the summer box office, pulling in another $57.25 million in its second weekend, as theatres welcome a wave of blockbuster competition following a challenging few years for the film industry.
The Russian and Belarusian armed forces will hold joint strategic drills in Belarus from 12 to 16 September, the Belarusian Defence Ministry announced on Tuesday.
European Union member states said on Tuesday that Ukrainians must have the right to decide their own future, speaking ahead of Friday’s planned talks between U.S. President Donald Trump and Russian President Vladimir Putin.
The U.S. and China have extended their tariff truce for 90 days, avoiding triple-digit duties on each other’s goods and easing market concerns as Washington and Beijing continue talks on a broader trade agreement.
Russian forces have advanced up to 10 km near Dobropillia in Ukraine’s Donetsk region, military trackers say, sparking warnings from analysts of a potentially serious escalation days before a Trump-Putin summit on ending the conflict.
You can download the AnewZ application from Play Store and the App Store.
What is your opinion on this topic?
Leave the first comment