Donald Trump’s second term has begun with a renewed determination to curb the Federal Reserve’s treasured autonomy. Jerome Powell’s response so far: trying to draw a sharp line around monetary policy independence,

The de-escalation drew an immediate thumbs up from Wall Street, as equity index futures jumped by nearly 2% on the resumption of trading on Tuesday evening.

Last week, the president said Federal Reserve Chair Jerome Powell's "termination cannot come fast enough!" Days later, Trump said he has "no intention" of firing him.