Domo signs strategic collaboration agreement with AWS for AI solutions
Investing.com -- The S&P 500 declined 0.3% Friday afternoon following a social media post by William J. Pulte claiming Federal Reserve Chairman Jerome Powell is considering stepping down.
Pulte, who serves as Chairman of the Board of Fannie Mae (OTC:FNMA) and Freddie Mac (OTC:FMCC) and is a known ally of President Donald Trump, posted a statement on X saying: "I’m encouraged by reports that Jerome Powell is considering resigning. I think this will be the right direction for America, and the country will benefit."
The market’s negative reaction highlights investor sensitivity to potential leadership changes at the Federal Reserve, particularly during a period of economic uncertainty. Powell has been a stabilizing force in monetary policy since taking office in 2018.
However, the source of Pulte’s information remains unclear, with no official confirmation from Powell or the Federal Reserve regarding any resignation plans. Many Wall Street observers expressed confusion about the post, as Pulte did not cite specific reports supporting his claim.
Pulte has previously criticized Powell and advocated for interest rate cuts, aligning with positions held by Trump. The timing of the statement comes as markets continue to digest the Fed’s recent monetary policy decisions and economic outlook.
The benchmark index’s modest decline suggests investors are proceeding cautiously until more concrete information emerges about Powell’s intentions or the credibility of Pulte’s claims.