President Trump informed reporters that he would not fire Fed Chair J. Powell, despite previously labeling him a “Major Loser” for not reducing interest rates. Trump also mentioned that tariffs on China were “very high” and indicated they would be reduced. These remarks come despite Trump lacking the direct authority to remove Chair Powell. Additionally, Treasury Secretary Scott Bessent stated at a summit that trade tensions between China and the US would be eased.

Following these developments, most markets surged: the Dow climbed 2.7%, the NASDAQ rose 2.71%, and the S&P500 increased by 2.5%. Bitcoin gained 3.5%, while ETH saw a 5% rise. In contrast, gold declined nearly 2% after reaching record highs around $3500 early Tuesday morning.