The president waved a copy of a draft letter firing Jerome H. Powell at a meeting in the Oval Office with House Republicans. It remains to be seen whether he follows through with his threat.

Australian shares are set to rebound. The S&P 500 edged higher after Trump dampens threat to fire Powell. Labour force data awaited. Follow live.

Markets either don't believe the White House attempts to force out the Federal Reserve chair will succeed, or they assume it's all bluster. But there's good reason to be wary of the sort of uncertainty that renewed Fed-bashing may be building under the surface.

The White House keeps insisting that inflation is a thing of the past. The latest Consumer Price Index numbers help prove otherwise.