The Latest Breaking News from Jerome Powell

A political firestorm erupted on Wall Street Wednesday as speculations surged that President Donald Trump could fire Federal Reserve Chair Jerome Powell before his term ends, reigniting fears over central bank independence.

Stocks plummeted when a series of reports indicated president Donald Trump was close to firing the Fed chair. They soared once he denied them.

Trump acknowledged discussing firing Powell with Republicans but denied a letter had been drafted to do that.

Volatility surged across interest rate-sensitive assets Wednesday after reports circulated that President Donald Trump may be preparing to remove Federal Reserve Chair Jerome Powell from his post. The rumors sparked fears over the Fed's independence, triggering a broad flight to gold and a sell-off in the U.S. dollar.

US President Donald Trump said Wednesday that he was not currently planning to fire Federal Reserve Chair Jerome Powell, but added that he did not rule it out.

Wagers on the decentralized predictions platform Polymarket suggest a growing belief that Donald Trump may move to oust Federal Reserve Chair Jerome Powell, with traders assigning a 22% probability to the scenario playing out by the end of 2025.

The US president denies he would dismiss the Federal Reserve head after reportedly drafting letter to sack him

The president’s public about-face on firing Jerome Powell is sure to have critics call it another TACO, or ‘Trump Always Chickens Out,’ moment.

The FTSE 100 index closed down 11.77 points, 0.1%, at 8,926.55.