The president might want to admit that he’s retreating, but it’ll probably be awhile before he echoes his own rhetoric about the Fed chair's “termination.”

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.

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.