Trump Says He Has 'No Intention' of Firing Fed Chair Powell; Stock Futures Rise

President Donald Trump said he has "no intention" of firing Federal Reserve Chair Jerome Powell, who he has criticized strongly in recent days.

Trump, speaking to reporters late Tuesday, said he hoped Powell would cut interest rates soon but never planned to fire the central banker. The comments appeared to encourage investors seeking stability in markets: Futures associated with the three leading US indexes were pointing upward in trading around 7 p.m. ET.

Among other bullish signals, gold futures were trending lower, while the dollar was rising against a basket of other currencies. Stocks finished Tuesday higher; the comments were made after the close of regular trading.

"I would like to see him be a little more active in terms of his idea to lower interest rates," Trump said of Powell. "It's a perfect time to lower interest rates. If he doesn't, is it the end? No, it's not. But it would be good timing."

The Fed's next scheduled meeting is in early May. At its last meeting in March the central bank extended a stretch during which it has kept rates unchanged.

Investors, in addition to uncertainty regarding Trump administration trade policy, have been uneasy about whether Trump might seek to remove the Fed chair from a position traditionally seen as apolitical. Comments from Treasury Secretary Scott Bessent that a cooling of trade tensions between the US and China could be forthcoming also cheered investors.

Tuesday's statements from the president come five days after Trump posted on the social media platform Truth Social that "Powell's termination cannot come fast enough." He renewed his criticisms Monday, writing that Powell has always been too late on rate cuts and accused him of lowering rates to help former Vice President Kamala Harris' presidential campaign.

Major stock indexes fell in the wake of his threats to remove the head of the independent central bank. U.S. Treasury securities also sold off in reaction, and the dollar hit its weakest level in three years. Analysts said the threats shook investor confidence in the Federal Reserve and its independence.

This article has been updated since it was first published to add additional context and market information.

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