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As we've said before, any day without Trump Tariff Turmoil (TTT) is a good day for financial markets. Despite UnitedHealth Group’s losing roughly a quarter of its value today on poor earnings and higher medical costs, the S&P 500 stayed mostly above yesterday's close all day. Even the Russell 2000 was up today.
While Treasury Secretary Scott Bessent reportedly made progress on a trade deal with Japan today, President Trump badgered Fed Chair Jerome Powell again, as he did during his first term. Unhappy that the ECB cut rates by 25bps today while Powell sits on his hands, Trump threatened Powell's post. Powell won't resign, and Trump doesn't have the power to fire him. Besides, there are 18 other participants on the FOMC who might dissent from any move to lower interest rates pushed by the next Fed chair Trump appoints after Powell's term expires in May 2026.
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