By Krystal Hur

Wall Street's so-called fear gauge pared its gains Wednesday after President Trump threw some cold water on reports he is looking to fire Federal Reserve Chair Jerome Powell.

The Cboe Volatility Index, which tracks investors' bets on stock swings over the next 30 days, recently traded at 17.76 after reaching as high as 19.48 earlier in the session.

"We're not planning on doing anything. We're very concerned," Trump told reporters at the White House on Wednesday in response to questions about firing Powell. "He's doing a lousy job, but no, I'm not talking about that. Fortunately, we get to make a change in the next eight months or so."

The Wall Street Journal reported Wednesday morning that Trump indicated to Republican lawmakers on Tuesday that he is likely to attempt to remove Powell from his job soon.

This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).

(END) Dow Jones Newswires

July 16, 2025 12:27 ET (16:27 GMT)

Copyright (c) 2025 Dow Jones & Company, Inc.