 "Markets rejoice after Trump says he has 'no intention' of firing Fed chief Powell")
President Donald Trump said he has no plans to fire Federal Reserve Chair Jerome Powell.
This comes after his multiple digs at him in recent days for not cutting interest rates.
“I have no intention of firing him,” Trump told reporters at the White House. “I just want him to be more active in lowering interest rates,” he added.
Wall Street reacted positively to the de-escalation, with equity futures jumping nearly 2 per cent when trading resumed on Tuesday evening. On Monday, stocks, bonds, and the US dollar had dropped after Trump repeatedly criticised Fed Chair Jerome Powell over the Easter weekend for not cutting interest rates further since Trump took office.
Indian markets also in good mood
Indian stock markets opened higher on Wednesday, boosted by hopes of an India-US trade deal, steady foreign investment, and positive economic signs.
At the start of trading, the BSE Sensex rose 468.75 points (0.59 per cent) to 80,064.34, while the NSE Nifty gained 136.25 points (0.56 per cent) to 24,303.50.
In the first hour, shares of around 1,694 companies rose, 459 fell, and 131 remained unchanged.
Trump’s sharp digs at Powell
The rocky rollout of Donald Trump’s tariffs and his repeated criticism of Fed Chair Jerome Powell had shaken investor confidence, leading to a sell-off of US assets like stocks, Treasury bonds, and the dollar.
Trump had even posted on social media that removing Powell “cannot come fast enough” and called him “a major loser.” These comments worried markets, which see the Fed’s independence as vital for global financial stability.
Although Trump has now backed off from threats to remove Powell, he continues to criticise the Fed’s interest rate policies.
“We think it’s the perfect time to cut rates, and we want our chairman to act early or on time, not late,” he said.
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