{"id":14410,"date":"2025-04-23T06:12:56","date_gmt":"2025-04-23T06:12:56","guid":{"rendered":"https:\/\/infundpros.com\/?p=14410"},"modified":"2025-04-23T06:12:56","modified_gmt":"2025-04-23T06:12:56","slug":"donald-trump-says-he-has-no-intention-of-firing-jay-powell","status":"publish","type":"post","link":"https:\/\/infundpros.com\/?p=14410","title":{"rendered":"Donald Trump says he has \u2018no intention\u2019 of firing Jay Powell"},"content":{"rendered":"<div>\n<p>Unlock the White House Watch newsletter for free<\/p>\n<p class=\"article__content-sign-up-topic-description\">Your guide to what Trump\u2019s second term means for Washington, business and the world<\/p>\n<p><iframe class=\"article__content-sign-up-iframe close\" scrolling=\"no\" id=\"signUpIframe\" data-prev-url=\"\/register\/in-article-sign-up?ft-content-uuid=98174536-161e-48ef-ae4a-8c1025878523&amp;newsletter-id=65b8fec772badb00166eafc6\"><\/iframe><\/div>\n<div id=\"article-body\">\n<p>Donald Trump has said he has \u201cno intention\u201d of firing US Federal Reserve chair Jay Powell, sending global stocks and the dollar higher. <\/p>\n<p>The president has repeatedly hit out against the Fed chair\u2019s refusal to cut interest rates and last week signalled he believed he could dismiss Powell before his term as central bank head comes to an end in May 2026.\u00a0<\/p>\n<p>Trump reiterated his complaints that the Fed needed to cut borrowing costs in comments in the\u00a0Oval Office on Tuesday afternoon, but he added: \u201cI don\u2019t want to talk about that because I have no intention of firing him.\u201d<\/p>\n<p>Futures for the S&amp;P 500 and Nasdaq rose during Asian trading on Wednesday. The dollar index gained 0.3 per cent, extending its recovery after hitting a three-year low on Monday.<\/p>\n<p>US bonds rallied, with yields on 10-year Treasuries falling 0.06 percentage points to 4.34 per cent while those on 30-year Treasuries dropped 0.08 percentage points to 4.79 per cent. Bond yields move inversely to prices.<\/p>\n<p>Japan\u2019s broad Topix rose 1.7 per cent, Hong Kong\u2019s Hang Seng 2.4 per cent and Taiwan\u2019s benchmark 4.3 per cent.<\/p>\n<p>Investors said the president\u2019s apparent U-turn on Powell proved there were at least some members of his inner circle who recognised that markets value the independence of America\u2019s major institutions.<\/p>\n<p>\u201cThis shows there are some guardrails around this president,\u201d said Dec Mullarkey, managing director at fund manager SLC Management. \u201cThis feels like [Treasury secretary Scott] Bessent\u2019s touch,\u201d he added. <\/p>\n<p>\u201cClearly other folks have talked to [Trump] and explained that [firing Powell] would have caused huge volatility. Bessent recognises that the\u00a0integrity of markets has to be maintained.\u201d<\/p>\n<p>Powell has repeatedly said that he would serve his full term as Fed chair and believed that his early dismissal would not be allowed under US law.\u00a0<\/p>\n<p>Investors\u2019 concerns over his tenure rose after Kevin Hassett, director of the National Economic Council, said on Friday that Trump would \u201ccontinue to study\u201d the matter of dismissing Powell.<\/p>\n<p>Hassett, then chair of the Council of Economic Advisers, backed Powell after the Fed chair and Trump fell out during his first term as president. <\/p>\n<p>Financial markets sold off on Monday after Trump attacked Powell as \u201cMr Too Late\u201d in a post on his Truth Social platform, with the dollar falling to a three-year low against a basket of currencies and the\u00a0S&amp;P 500\u00a0index dropping 2.4 per cent. <\/p>\n<p>US stocks and the dollar largely recouped their losses during regular trading on Tuesday after Bessent said the trade war with China was \u201cunsustainable\u201d. Trump also said he would strike a deal with China \u2014 something he has said repeatedly \u2014 and that tariffs would \u201ccome down substantially\u201d.<\/p>\n<p>The Fed has been on a collision course with Trump since shortly after he took office, but the attacks from the White House have intensified ever since the president launched his \u201creciprocal tariffs\u201d on April 2.\u00a0<\/p>\n<p>Rate-setters, including Powell, have made clear that they will postpone any interest rate cuts until they are confident that Trump\u2019s trade policies will not lead to a persistent\u00a0rise in inflation.\u00a0<\/p>\n<p>The Fed chair and his colleagues have also made clear their concerns that Trump\u2019s tariffs raise the prospect of lower growth and higher prices, weakening an economy that officials previously said was in good shape.\u00a0<\/p>\n<p>Trump took to Truth Social last Thursday saying Powell\u2019s termination \u201ccould not come fast enough\u201d after the\u00a0Fed chair confirmed\u00a0the previous day that the central bank would not come to the stock markets\u2019 rescue and cut rates to counter fears that the tariffs would drive the US economy into recession.<\/p>\n<p><em>Additional reporting by George Steer and Peter Wells in New York and Arjun Neil Alim and William Sandlund in Hong Kong<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.ft.com\/content\/98174536-161e-48ef-ae4a-8c1025878523\" target=\"_blank\" rel=\"noopener\" rel=\"nofollow\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Unlock the White House Watch newsletter for free Your guide to what Trump\u2019s second term means for Washington, business and the world&#8230;<\/p>\n","protected":false},"author":1,"featured_media":14411,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[22],"tags":[],"class_list":{"0":"post-14410","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-business"},"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v21.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Donald Trump says he has \u2018no intention\u2019 of firing Jay Powell | inFundPros<\/title>\n<meta name=\"description\" content=\"Unlock the White House Watch newsletter for freeYour guide to what Trump\u2019s second term means for Washington, business and the worldDonald Trump has said\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/infundpros.com\/?p=14410\" \/>\n<meta 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