A day after markets boomed on comments from Treasury Secretary Scott Bessent that Trump would seek to de-escalate the trade war with China, US markets surged again. Top administration officials were also relieved by Trump’s Oval Office statement on Powell, the people familiar with the matter said. The officials had become unnerved by the heated rhetoric and wary of a prolonged legal battle should Trump attempt to unseat the Fed chair. CNN’s Vanessa Yurkevich reports on the markets, as well as on Elon Musk’s announcement that he would spend more time at Tesla and step back from his DOGE role.

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