LONDON, July 17 (Reuters) - Wednesday's market drama on reports of an imminent ouster of Federal Reserve Chair Jerome Powell has calmed quickly, with President Donald Trump saying it was " highly unlikely" he would fire the central bank boss even as speculation continue to brew.

U.S. stock indexes initially tumbled following reports that President Trump might fire Federal Reserve Chair Jerome Powell. Trump later denied the rumors, stabilizing the markets. Despite Trump's harsh criticism of Powell's monetary policy,

Gold steadied after a volatile session on Wednesday as traders assessed the outlook for Jerome Powell’s tenure as Federal Reserve chair after more speculation that President Donald Trump may axe him.

Markets either don't believe the White House attempts to force out the Federal Reserve chair will succeed, or they assume it's all bluster. But there's good reason to be wary of the sort of uncertainty that renewed Fed-bashing may be building under the surface.

The week on Wall Street was turbulent, with the S&P 500 and Nasdaq facing challenges due to Netflix's drop and mixed economic signals. Speculation about Fed Chair Powell's position added to the uncertainty.

Powell’s term as chair is up in May 2026, and Powell has already made it clear he intends to serve in his post until that endpoint. But the president also made it clear that he doesn’t intend ...

If Trump breaks the long-standing central bank independence, he would make long-term debt holders question the Fed’s reliability

Trump started the speculation about a possible Powell firing when he said last month on social media that "Powell's termination cannot come fast enough."