Trump Pushes for Powell’s Ouster as Dow Slides 1.3%
John Williams, President of the Federal Reserve Bank of New York, defended the Fed’s current interest rate policy, calling it appropriate.
Quick overview
- Donald Trump is pushing for the removal of Federal Reserve Chair Jerome Powell due to his refusal to lower interest rates.
- European markets remained stagnant despite a rate cut by the European Central Bank.
- Wall Street's major indexes showed mixed results, with the Dow Jones falling 1.33% amid ongoing trade uncertainties.
- Political pressure on the Federal Reserve is increasing, with New York Fed President John Williams defending the current interest rate policy.
Donald Trump is seeking the removal of Federal Reserve Chair Jerome Powell over his refusal to cut interest rates.
Meanwhile, a rate cut by the European Central Bank on Thursday wasn’t enough to lift European markets.
Wall Street’s major indexes ended mixed on Thursday, April 17, clawing back some losses from the previous session. However, gains were limited by lingering uncertainty over tariffs, despite President Trump announcing progress in trade talks with Japan.
In this context, the Dow Jones Industrial Average fell 1.33% to 39,142.11 points. The S&P 500 edged up 0.15% to 5,283.50, while the Nasdaq Composite dipped 0.13% to 16,286.45.
Markets Winding Through a Labyrinth of Volatility
Thursday brought another wave of quarterly corporate earnings, led by sharp losses from UnitedHealth, the largest health insurer in the U.S. Its shares plunged 22% after the company lowered its annual profit outlook, citing higher-than-expected medical costs.
Blackstone shares rose 0.8% as the asset manager reported stronger-than-expected first-quarter earnings, fueled by asset sales in its private equity and credit divisions.
Taiwan Semiconductor Manufacturing gained 0.3% after the world’s largest contract chipmaker posted a 60% surge in first-quarter net profits.
Powell Becomes a Thorn in Trump’s Side
John Williams, President of the Federal Reserve Bank of New York, defended the Fed’s current interest rate policy, calling it appropriate and saying no immediate adjustment is necessary.
His comments came as political pressure on the central bank escalates. On Thursday, President Trump demanded that Jerome Powell be removed from his post, criticizing him for not cutting rates aggressively enough.
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