A dramatic day on Wednesday ended with Wall Street in the green and the dollar and short-dated Treasury yields lower, although off their earlier extremes, after President Donald Trump denied reports he will soon fire Fed Chair Jerome Powell.

Powell was nominated by Trump in November 2017 and was confirmed by the Senate in January 2018. The Fed chair’s term lasts four years, and Biden did indeed nominate Powell for a second term, though Trump tries to make it sound like he had nothing to do with Powell’s first appointment.

Trump has been highly critical of the central bank chairman over his reluctance to cut interest rates more quickly.

Trump indicated that Powell’s handling of an extensive renovation project on two Fed buildings could be grounds to fire him.

The Trump administration is toying with removing Jerome H. Powell as chair of the Federal Reserve, accusing him of mismanaging a multibillion-dollar update to its Washington headquarters.

Live updates and the latest news as JD Vance touts passage of GOP agenda bill and the Senate votes on Trump-requested cuts to foreign aid and public broadcasting spending.