“President Trump on Wednesday said he might call Federal Reserve chair Jerome Powell to press for an interest rate cut,” Axios reports.

Said Trump: “I might call him. I haven’t called him, but I believe he’s making a mistake by not lowering interest rates. He will hopefully do the right thing. The right thing is to lower interest rates.”

Paul Krugman: “It has been amazing to watch the stock market gyrating in response to things that aren’t even policy changes — they’re hints and rumors of policy changes. Today’s Washington Post has an article with the headline ‘White House eases tone on tariffs on China but won’t be cutting them soon.’ OK, how much does the change in ‘tone’ tell you about what will actually happen?”

“Why, then, did stocks rise on this non-news? I’d say that the market is like someone caught in an abusive relationship — still in denial, seizing on every hint of decency as evidence that their partner is really changing their ways.”

“Apparently investors and the news media still haven’t learned that you can’t read supposed insider reports on administration thinking the way you could in a normal administration — as indications of where the policy process is headed. There is no policy process. Trump will zigzag based on who talked to him last.”

Playbook: “This gruesome FT chart offers a helpful illustration of exactly what’s spooking the White House. Normally, if the U.S. takes a nasty economic hit — such as during Covid-19 or the 2008 financial crash — it’s swiftly counterbalanced by a stronger dollar and cheaper borrowing, easing the pain somewhat.”

“But Trump’s ‘Liberation Day’-induced crash has done the unthinkable — hitting U.S. stocks, bonds and currency all at the same time.”

Paul Krugman: “What the hell was the Treasury secretary doing giving a closed-door briefing on a significant policy change that hadn’t yet been officially announced? Isn’t that a setup for large-scale insider trading? Indeed, attendees at that conference surely made market bets before Bessent’s remarks became public.”

“And since when are major policy announcements by government officials made off the record to closed private-sector meetings? One even wonders whether Bessent was announcing policy or making it: Did Trump back him up only after the fact?”

“The content of his remarks aside, what was Bessent even doing at this event? Senior government officials aren’t supposed to be helping investment banks entertain their clients.”

Playbook: “Treasury Secretary Scott Bessent will seek to reassure global markets this morning as the White House shifts to full-on defense-mode on the economy. Bessent — basking in his role as the Trump administration’s reassurer-in-chief — will discuss ‘the state of the global financial system’ in a keynote speech at 10 a.m., part of the weeklong IMF and World Bank spring meetings.”

“Given the economic backpedalling we’ve seen from President Donald Trump and co. these past 24 hours, you can guess what type of message he’ll be looking to send.”

“Stock futures climbed on Wednesday morning after President Donald Trump said he doesn’t plan to remove Federal Reserve Chairman Jerome Powell from his post as central bank leader,” CNBC reports.

“I have no intention of firing him.”

— President Trump, talking to reporters about Fed chairman Jerome Powell.

Wall Street Journal: “The Dow Jones Industrial Average shed almost 1,000 points on Monday and is headed for its worst April performance since 1932, according to Dow Jones Market Data. The S&P 500’s performance since Inauguration Day is now the worst for any president up to this point in data going back to 1928, according to Bespoke Investment Group.”

“Worries about trade restrictions and the prospect of President Trump firing Federal Reserve Chairman Jerome Powell have investors bracing for greater losses ahead. Corporate earnings reports are rolling in, along with executives’ tariff-dented outlooks for the months ahead. Few think the administration’s negotiations with trade partners will yield results soon enough to ease the strain.”

Playbook: “History buffs will note 1932 was the year the Smoot–Hawley tariffs began to have their most severe impact, with the Great Depression nearing its peak.”

“Financial markets have flashed an ominous message this month about President Trump’s ambitious and improvisational bid to reshape global trade: Be careful what you wish for,” the Wall Street Journal reports.

“Volatility in Treasury markets and unexpected weakness in the dollar suggest that what began as a trade conflict could morph into a more dangerous ‘capital war.’ The clash threatens to raise U.S. borrowing costs by undermining Washington’s long-standing financial primacy, which for years has drawn trillions of dollars of foreign funds into the country.”

“Gold prices broke $3,400 on Monday, hitting a new record as President Donald Trump’s threats against the Federal Reserve’s independence and his tariffs shake investor confidence in the U.S. economy,” CNBC reports.

“Gold has jumped about 29% since the start of the year and nearly 8% since Trump unveiled his sweeping tariffs on April 2.”

“Asian equities and U.S. stock futures slid on Monday as anxiety over tariffs and criticism of the Federal Reserve by President Donald Trump shook investor confidence, pushing the dollar sharply lower and catapulting safe-haven gold to a record high,” Reuters reports.

“President Trump this week revived a longstanding threat against Jerome Powell when he accused the Federal Reserve chair of ‘playing politics’ and moving too slowly to lower interest rates,” the New York Times reports.

“But privately, according to people close to Mr. Trump, the president has for months been aware that trying to oust Mr. Powell could inject more volatility into jittery financial markets.”

“President Trump is threatening to fire Federal Reserve Chair Jerome Powell unless he cuts interest rates to cushion the blow from his tariffs,” the Wall Street Journal reports.

“The problem is twofold. It isn’t clear the president has the legal authority to dismiss Powell before his term ends next year. And Trump’s trade war has made rate cuts more difficult for now because the Fed fears acting to shore up the economy could worsen inflation.”

“That tension has left the two men on a collision course without any easy escape—unless Trump backs down on tariffs or until the economy shows signs it is crumpling under the weight of the import duties.”

“President Trump has for months privately discussed firing Federal Reserve Chair Jerome Powell, but he hasn’t made a final decision about whether to try to oust him before his term ends next year,” the Wall Street Journal reports.

“In meetings at the president’s private Florida club, Mar-a-Lago, Trump has spoken with Kevin Warsh, a former Fed governor, about potentially firing Powell before his term ends and possibly selecting Warsh to be his replacement.”

Trump told reporters that he has the authority to oust Powell: “If I want him out, he’ll be out of there real fast, believe me.”

Wall Street Journal: “The court is about to take up a question that, while not directly about the Federal Reserve, could determine whether President Trump can fire the Fed chair.”

“There’s no indication the justices will give the president that authority. And if they did, Trump wouldn’t necessarily sack Jerome Powell, whom he nominated to a term that began in 2018.”

“But granting the president that power would effectively eviscerate the central bank’s independence by making its seven governors, including the chair, at-will appointees of the president, like the Treasury secretary.”

“We’re never going to be influenced by any political pressure. People can say whatever they want. That’s fine. That’s not a problem. But we will do what we do. Strictly without consideration of political or any other extraneous factors.”

— Fed Chair Jerome Powell, quoted by Mediaite.

“President Trump blasted Federal Reserve chair Jerome Powell on Thursday with the strongest suggestion yet of intentions to try to fire the nation’s most powerful economic policymaker,” Axios reports.

“Trump’s attack comes after Powell said that tariffs were likely to stoke inflation and slow economic growth.”

Politico: “There has long been speculation that Trump would try to remove Powell from his Fed position in what would be significant interference in an institution that has jealously guarded its independence. Powell has previously said that the president doesn’t have the authority to fire him.”

Wall Street Journal: “Trump has previously said he won’t seek to replace Powell before his term expires in May 2026.”