US President Donald Trump told reporters Tuesday night that he had “no intention” of firing Federal Reserve Chair Jerome Powell, and the markets didn’t wait long to react.
That one comment from the White House kicked off an after-hours rally across stocks and crypto, reversing earlier tension that had been building after Trump spent the last week trashing Powell and calling for his removal.
The president’s sudden but typical 180, after days of calling Powell a “major loser,” came hours after he’d demanded interest rates be cut and posted that Powell’s “termination cannot come fast enough.”
Futures for the Dow Jones Industrial Average jumped 444 points, or 1.1%. S&P 500 futures climbed 1.4%, while Nasdaq 100 futures moved up 1.6%. That was just hours after the Dow had already finished the day up over 1,000 points, cutting short a four-day losing streak.
Both the S&P 500 and the Nasdaq Composite also closed Tuesday with gains above 2%, sending a clear signal that investors were reacting directly to Trump’s remarks on Powell.
Dollar, Bitcoin and crypto push higher after Trump talks Powell
Bitcoin rose about 3% overnight, trading at $92,727 on Wednesday, right after Trump’s press comments hit. Smaller tokens joined the move: Ether, XRP, and Solana were all up in the hours after Trump gave Powell a pass.
