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Listening to President Trump on Tuesday, it's as if all the vitriol towards Fed boss Jay Powell - the threats, the name calling - was some crazy misunderstanding. Trump now says he had "no intention of firing him" and was just gently angling for a rate cut or two. In the same news conference, Trump said the exorbitant levies on Chinese goods following a rapid tit-for-tat trade war escalation - so high that the actual numbers became irrelevant - will soon be "substantially" lower.

HOUSTON (Reuters) -Oil prices fell almost 2% on Wednesday as sources said OPEC+ could accelerate its oil output increases next month, but losses were curbed after a report that U.S. President Donald Trump may cut tariffs on Chinese imports. Brent crude futures were down $1.14, or 1.69%, at $66.30 by 10:39 a.m. EDT (1439 GMT) while U.S. West Texas Intermediate crude lost $1.17, or 1.84%, to $62.50. Several OPEC+ members will suggest that the group accelerate oil output increases for a second consecutive month in June, three sources familiar with OPEC+ talks told Reuters.

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President Donald Trump said Tuesday he had “no intention of firing” Federal Reserve Chair Jerome Powell.

Kugler said she is carefully watching how the Trump administration's trade, immigration, fiscal policy and regulatory changes impact inflation and the labor market, but the "significantly larger" than expected tariffs clearly had her attention. "I am also monitoring any risks to the outlook, especially upside risks on inflation or downside risks to employment," Kugler said in remarks prepared for delivery to the Heller-Hurwicz Economics Institute at the University of Minnesota. Fed policy is "well positioned" to respond to changes in the economy, she said.

President Donald Trump said Tuesday he has no plans to fire Federal Reserve Chair Jerome Powell, just days after his statement that he would like to terminate the head of the U.S. central bank caused a stock market selloff. “I have no intention of firing him,” Trump told reporters. The U.S. president had previously insinuated otherwise as he said he could fire Powell if he wanted to, having been frustrated by the Fed putting a pause on cuts to short-term interest rates.

Bank of America analysts reported Tuesday that while investors may see positive results from the auto industry this quarter, the future remains uncertain because of tariff policies. As a result, companies could suspend or pull guidance.