In his first term, President Donald Trump toyed with ousting Jerome Powell out of anger that the Federal Reserve chair was moving too slowly to cut interest rates. Trump refrained from doing so, but continued to publicly attack Powell and his colleagues for keeping borrowing costs too high.

President Trump has angrily criticized Fed Chairman Powell for being slow to cut interest rates, but Trump's policies have made that a tougher move.

U.S. markets are poised to open with big gains, a clear sign of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve