Markets Rally as Trump Backs Off Firing Fed Chair Powell
In a surprise reversal, former President Donald Trump told reporters Tuesday night he had “no intention” of firing Federal Reserve Chair Jerome Powell—sparking a swift rally across stocks and crypto markets.
The comment came after days of Trump calling Powell a “major loser” and demanding rate cuts, even suggesting his removal was imminent. But with one sentence, the tension lifted, and markets reacted fast.
📈 Futures Jump
Dow futures surged 444 points (+1.1%)
S&P 500 futures rose 1.4%
Nasdaq 100 futures gained 1.6%
The Dow had already ended the day up 1,000+ points, snapping a 4-day losing streak.
💸 Crypto Surges Too
Bitcoin rose 3% overnight to $92,727. Ether, XRP, and Solana also jumped. The dollar rallied 0.9% vs. the yen after hitting a 3-year low just days earlier.
🔊 Behind the Scenes
Treasury Secretary Scott Bessent hinted at an end to the US-China tariff war, and reports emerged of Cantor Fitzgerald, Tether, and SoftBank planning a $3B crypto SPAC.
⚠️ Caution Ahead?
Some traders warned of a short-term pullback, with Bitcoin possibly dipping to $88K. Meanwhile, gold hit a record $3,509.90, as investors continue to hedge against political uncertainty.
🧠 The Big Picture
Trump’s words still move markets—stocks, crypto, gold, and beyond. One comment about Powell, and trillions were added to global value by morning.
