For about an hour on Wednesday, it seemed as though President Donald Trump would try to fire Federal Reserve Chairman Jerome Powell. Before Trump denied the reports, the yield on the 10-year Treasury note climbed by about 5 basis points,

President Donald Trump said Wednesday it’s “highly unlikely” that he’ll fire Federal Reserve Chair Jerome Powell after signaling otherwise a day earlier in a private meeting with lawmakers.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

Reports that President Trump was planning to fire Federal Reserve Chairman Jerome Powell sent stocks and the U.S. dollar tumbling on Wednesday, while long-dated Treasury yields charged higher.

There could be a revolt in global markets, including a possible collapse in the dollar and US bonds, if President Donald Trump were to take the unprecedented step of removing Federal Reserve Chair Jerome Powell from the helm of the central bank,

Gold prices eased on Thursday, pressured by a firmer U.S. dollar, as investor worries eased temporarily after President Donald Trump said he did not plan to oust Federal Reserve Chair Jerome Powell.

Stock futures were mostly higher early Thursday as the market continued to shake off fears that President Donald Trump could fire Federal Reserve Chair Jerome Powell. Futures on the Dow Jones Industrial Average slipped 31 points,

Trump claimed that it was former President Joe Biden who appointed Powell to be head of the Federal Reserve. However, Powell was initially appointed to the role by Trump during his first term in 2018 and was reappointed by Biden in 2022.