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 said on Wednesday that he has been informed the killing of anti-government protesters in Iran has stopped and that planned executions would not go ahead, though details remain unclear.
Danish Foreign Minister Lars Løkke Rasmussen said on Wednesday that Denmark was unable to change the U.S. position on Greenland after talks with American officials in Washington.
As tensions between Iran and the U.S. persist, authorities in Tehran are facing another problem—this time at home.
The United Kingdom and the United States are withdrawing military personnel from bases in the Middle East as tensions with Iran rise, following Tehran’s warning to regional allies that it would target U.S. bases if Washington takes military action.
The Trump administration will suspend all visa processing for visitors from 75 countries beginning 21 January 2026, according to a State Department memo reported by media.
Sweden is sending a group of military officers to Greenland at Denmark’s request, Prime Minister Ulf Kristersson said on Wednesday, as Nordic countries and NATO allies step up coordination around the Arctic territory.
Israel and Arab States have urged the U.S. to delay any potential military action against Iran, warning that such a move could undermine ongoing protests inside the country, according to NBC News.
Saudi Arabia has informed Iran that it will not allow its territory or airspace to be used for any military action against Tehran, according to two sources close to the kingdom’s government cited by AFP.
Finland and Sweden have called for tougher economic measures against Russia, proposing higher import duties, export restrictions, and an European Union ban on Russian energy shipments.
Venezuela’s acting President Delcy Rodríguez said Wednesday that her government will continue releasing prisoners detained under former President Nicolás Maduro, calling it part of a “new political moment” since his ouster by the United States earlier this month.
The U.S. and UK are reducing personnel at Qatar’s Al-Udeid air base as President Donald Trump weighs possible action against Iran over its violent crackdown on protesters.
The United Nations has called on Uganda to lift a nationwide internet blackout ahead of Thursday’s general election, describing the restrictions as “deeply worrying.”
Whole milk is heading back to school cafeterias across the U.S. after President Donald Trump signed a bill overturning Obama-era limits on higher-fat milk options.
NASA is carrying out the first emergency return in International Space Station history after an astronaut aboard Crew-11 suffered a serious medical condition.
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