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WASHINGTON (Reuters) -A Republican lawmaker tasked with scrutinizing Federal Reserve monetary policy wants the U.S. Congress to help stabilize financial markets by insulating the central bank from political influence, including from President Donald Trump. After days of market turmoil triggered by Trump's attacks on Fed Chairman Jerome Powell, Representative Frank Lucas said the president ultimately made the right call by stating clearly this week that he has no intention of firing the central bank chief.

Trump’s tactical retreat on key points like Fed Chair Powell and trade negotiations with China signals a change within the White House—potentially lining up a scapegoat if its policies fall flat.

NEW YORK (Reuters) -Market participants unsettled by the Trump administration's choppy policy rollout are working to game out what the Federal Reserve would do if asset prices spiral out of control and require stabilization by the U.S. central bank. The anxiety arises from weeks of volatile trading and big price declines across a range of securities due to President Donald Trump's seesawing tariffs announcements, which are widely expected to stoke inflation while depressing growth and hiring. A more recent wave of price swings followed on the heels of Trump's attacks on the Fed for not cutting interest rates since he returned to power in January and his public musings about firing Fed Chair Jerome Powell.

US crude oil has fallen more than 22% since peaking in January. Oil extended its losses on Wednesday even as tariff pressures eased.

Oil prices recovered some losses on Thursday as investors weighed a potential OPEC+ output increase against conflicting tariff signals from the White House and U.S.-Iran nuclear talks. At those levels, prices have recouped about half of their losses from Wednesday, when prices slid almost 2% after Reuters reported that several OPEC+ members had suggested the group accelerate oil output increases for a second month in June. Kazakhstan, which produces about 2% of global oil output and has repeatedly exceeded its quota over the past year, said it would prioritise national interests over OPEC+ in deciding production levels.

WASHINGTON (Reuters) -U.S. Treasury Secretary Scott Bessent met Ukrainian Prime Minister Denys Shmyhal and Finance Minister Sergii Marchenko on Wednesday and stressed the need to sign an economic partnership between the two countries as soon as possible, the U.S. Treasury Department said. Washington has said it will walk away from efforts to broker a peace deal between Russia and Ukraine unless there are clear signs of progress soon. After the U.S. and Ukraine reached a memo of understanding on Thursday, U.S. President Donald Trump said he expected to sign a minerals deal with Kyiv this week.

President Donald Trump said Wednesday that Federal Reserve Chair Jerome Powell has kept interest rates too high and that he might call the central bank chief.