President Donald Trump is badgering the Federal Reserve to cut interest rates, but even if the Fed gave in to the pressure, it wouldn’t necessarily lead to lower borrowing costs for consumers.

In fact, economists say, Trump’s ongoing attacks on Fed Chair Jerome Powell and his tariff policies could keep the longer-term interest rates that matter for consumers and businesses higher than they otherwise would be. A less-independent Fed can lead, over time, to higher borrowing costs, as investors worry that inflation may spike in the future. As a result they demand higher yields to own Treasury securities.

Trump has repeatedly urged Powell to cut the short-term interest rate that the central bank controls. The Fed typically reduces its rate during an economic downturn to encourage more borrowing and spending, and raises it to cool the economy and fight inflation when prices rise.

But long-term rates on things like mortgages, auto loans, and credit cards are largely set by market forces. And in recent weeks, fears that Trump’s sweeping tariffs could raise inflation, along with the administration’s threats to the Fed’s independence, have led markets to push those longer term rates higher. It’s not clear that the Fed can fully reverse those trends by itself.

“It’s not automatically true that even if the Fed were to cut rates, that you would see a measured decline in long-term interest rates,” Francesco Bianchi, an economist at Johns Hopkins University, said. “This kind of pressure on the Fed might backfire…if markets don’t believe the Fed has inflation under control.”

Trump renewed calls on Wednesday and Thursday for Powell to reduce the Fed’s short-term rate, telling reporters that the chair is “making a mistake” by not doing so.

And last week, Trump suggested he could fire Powell, while a top aide said that the White House was “studying” whether it could do so.

Stock markets plunged in response, the yield on the 10-year Treasury bond rose, and the dollar fell, an unusual combination that suggested investors were selling most American assets. Markets recovered those losses after Trump said on Tuesday that he had “no intention” of firing the Fed chair.

Still, the threats to the Fed’s independence unnerved Wall Street investors, because they see a Fed free from political pressure as critical to keeping inflation in check. An independent Fed can take unpopular steps, such as raising rates, to fight inflation.

“Threatening the Fed doesn’t soothe markets — it spooks them,” said Lauren Goodwin, chief market strategist at New York Life Investments. “And the result is often the opposite of what any administration wants to see: higher rates, weaker confidence, and more market turmoil.”

Since Trump began imposing tariffs in early March, when he slapped duties on Canada and Mexico, the 10-year Treasury yield has risen from 4.15% to about 4.3%. The yield is a benchmark for mortgage rates and other borrowing. Mortgage rates, in turn, have increased during that time, from 6.6% to 6.8%.

While Trump says he is negotiating over tariffs with many countries, most economists expect some level of duties to remain in place for at least this year, including his 10% duties on nearly all imports.

The 10-year yield did fall Thursday when two Federal Reserve officials said that rate cuts are possible as soon as this summer, should the economy falter and unemployment rise.

Yet last fall, longer-term interest rates also fell in anticipation of rate cuts, but then rose once the Fed cut in September and then continued to rise as the central bank reduced its rate again in November — two days after the election — and in December. Mortgage rates are now higher than they were when the Fed cut.

A range of factors can affect longer-term Treasury rates, including expectations for future growth and inflation, as well as the supply and demand for government bonds. Bianchi worries that stubbornly high government budget deficits — which are financed by trillions of dollars of Treasurys — could also lift long-term rates.

Should the Fed cut rates now, llonger-term borrowing costs “would move in the opposite direction, absolutely,” Goodwin said, “because the threat of inflation is so palpable — that move would call their credibility into question.”

Trump said in a social media post this week that there is “virtually No Inflation” and as a result, the Fed should lower its key rate, from its current level of about 4.3%. Many economists expect the central bank will do so this year. But Powell has underscored that the central bank wants to evaluate the impact of Trump’s policies before making any moves.

Inflation has fallen in recent months, dropping to 2.4% in March, the lowest level since last September. Yet excluding the volatile food and energy categories, core inflation was 2.8%. Core prices often provide a better signal of where inflation is headed.

A key issue for the Fed is that the economy is very different now than it was during Trump’s first term. Back then inflation was actually below the Fed’s target. At that time, it was a “no-brainer” to cut rates, Bianchi said, if there was a threat of a recession, because inflation wasn’t an issue.

But now, tariffs will almost certainly lift prices in the coming months, at least temporarily. That raises the bar much higher for a Fed rate cut, Bianchi said.

Still, once there are clear signs the economy is deteriorating, such as a rising unemployment rate, the Fed will cut rates, regardless of what Trump does, economists said.

Trump on Monday accused Powell of often being “too late” with his rate decisions, but ironically the Fed may move more slowly this time because of the threat of higher prices from tariffs. Without clear evidence of a downturn, Fed officials would worry about being seen as giving in to political pressure from Trump if they cut.

“Powell knows the irreparable damage that would occur if it was perceived that he cut because he was forced to by Trump,” said Tom Porcelli, chief U.S. economist at PGIM Fixed Income.

The Fed now “will be even more delayed because I think you’re going get more of an inflation lift initially, before you get the more pronounced slowing in growth,” Porcelli said.

Either way it may take more than a Fed cut or two to bring down longer-term borrowing costs, Bianchi said.

“To really lower long-term rates you need to provide a stable macroeconomic environment, and right now we are not there yet,” he added.

GENEVA — The Swiss president says Switzerland is among 15 countries with which the United States plans to conduct “privileged” negotiations to help reach a deal in the wake of sweeping U.S. tariffs on dozens of countries that have shaken global markets.

Karin Keller-Sutter, in an interview with broadcaster SRF published Friday, said she was “satisfied” with talks in Washington this week that included an International Monetary Fund conference and her one-on-one meeting with U.S. Treasury Secretary Scott Bessent. Keller-Sutter also serves as Switzerland’s finance minister.

“The United States has defined a group of 15 countries with which it wants to find … a quick solution in this tariff question. Switzerland is part of this group of these 15 countries,” she told reporters separately late Thursday in Washington.

It was not immediately clear which 14 other countries were included, but she told SRF that “the U.S. envisages conducting — I would say somewhat privileged — negotiations and finding solutions” with that group.

Before the Trump administration paused some of its most stringent tariff plans, products imported from Switzerland had been set to face tariffs of 31% — more than the 20% tariffs on goods from the European Union. Switzerland is not a member of the 27-country bloc.

According to figures published by the Swiss Embassy in Washington, the U.S. has been Switzerland’s most important goods export market worldwide since 2021, while Switzerland is the fourth most important export market for U.S. services. The bilateral trade volume in goods and services between Switzerland and the U.S. reached a total of $185.9 billion in 2023, the embassy says on its website.

Keller-Sutter said a memorandum of understanding was to be drawn up after which negotiations can begin. A document would also lay out the most important topics, and “we have also been assigned a specific contact person. This is not easy in the U.S. administration,” she was quoted as saying.

“The U.S. authorities have clearly expressed their desire to find a solution with Switzerland,” Keller-Sutter told SRF. She said no timetable had been set, but the two sides agreed to move forward quickly “because uncertainty is poison for the economy.”

Trump’s sweeping “Liberation Day” tariffs on April 2 set off turmoil in world stock markets. A week later, Trump spoke by phone with Keller-Sutter in a conversation that her office said focused on tariffs. She emphasized the “important role of Swiss companies and investments” in the U.S.

Hours later, Trump announced the U-turn that paused the steep new tariffs on about 60 countries for 90 days, fanning speculation — which was not confirmed — in some Swiss media that her chat with Trump might have played a role in the change of course.

On Thursday, Swiss Foreign Minister Ignazio Cassis, during a trip to Beijing, said the U.S. tariffs have thrust the affected countries into “a sort of coalition” to try to reach a deal with the United States. And on Monday, Swiss pharmaceuticals giant Roche announced plans to invest $50 billion in the U.S. over the next five years — an unspecified amount of which has already been under way.

BANGKOK — China on Thursday denied U.S. President Donald Trump’s assertion that the two sides were involved in active negotiations over tariffs, saying that any suggestion of progress in this matter was as groundless as “trying to catch the wind.”

China’s comments come after Trump said Tuesday that the final tariff rate on China’s exports would come down “substantially” from the current 145%.

“China’s position is consistent and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” said Ministry of Commerce spokesman He Yadong. “Any claims about the progress of China-U.S. trade negotiations are groundless as trying to catch the wind and have no factual basis.”

Trump had told reporters earlier in the week that “everything’s active” when asked if he was engaging with China, although his Treasury Secretary had said there were no formal negotiations.

Trump had put 145% tariffs on imports from China, while China hit back with 125% tariffs on U.S. products. While Trump has given other countries a 90-day pause on the tariffs, as their leaders pledged to negotiate with the U.S., China remained the exception. Instead, Beijing raised its own tariffs and deployed other economic measures in response while vowing to “fight to the end.” For example, China restricted exports of rare earth minerals and raised multiple cases against the U.S. at the World Trade Organization.

China also made it clear that talks should involve the cancellation of all tariffs it currently faces.

“The unilateral tariff increase measures were initiated by the United States. If the United States really wants to solve the problem, it should face up to the rational voices of the international community and all parties at home, completely cancel all unilateral tariff measures against China, and find ways to resolve differences through equal dialogue,” said He, the spokesman.

Despite the economic measures leveled against China, Trump said Tuesday that he would be “very nice” and not play hardball with Chinese President Xi Jinping.

“We’re going to live together very happily and ideally work together,” Trump said.

WASHINGTON — The outlooks for the U.S. and global economies have significantly worsened in the wake of President Donald Trump’s tariffs and the uncertainty they have created, the International Monetary Fund said Tuesday.

The IMF said that the global economy will grow just 2.8% this year, down from its forecast in January of 3.3%, according to its latest World Economic Outlook. And in 2026, global growth will be 3%, the fund predicts, also below its previous 3.3% estimate.

U.S. economic growth will come in at just 1.8% this year, down sharply from its previous forecast of 2.7% and a full percentage point below its 2024 expansion. The IMF doesn’t expect a U.S. recession, though it has raised its odds of one this year from 25% to 37%.

The forecasts are largely in line with many private-sector economists’ expectations, though some do fear a recession is increasingly likely. Economists at JPMorgan say the chances of a U.S. recession are now 60%. The Federal Reserve has also forecast that growth will weaken this year, to 1.7%.

“We are entering a new era,” Pierre-Olivier Gourinchas, chief economist at the IMF, said. “This global economic system that has operated for the last eighty years is being reset.”

The IMF is a 191-nation lending organization that works to promote economic growth and financial stability and to reduce global poverty.

Gourinchas said that the heightened uncertainty around the import taxes led the IMF to take the unusual step of preparing several different scenarios for future growth. Its forecasts were finalized April 4, after the Trump administration announced sweeping tariffs on nearly 60 countries along with nearly-universal 10% duties.

Those duties were paused April 9 for 90 days. Gourinchas said the pause didn’t substantially change the IMF’s forecasts because the U.S. and China have imposed such steep tariffs on each other since then.

The uncertainty surrounding the Trump administration’s next moves will also likely weigh heavily on the U.S. and global economies, the IMF said. Companies may pull back on investment and expansion as they wait to see how the trade policies play out, which can slow growth.

China is also forecast to grow more slowly because of U.S. tariffs. The IMF now expects it will expand 4% this year and next, down roughly half a point from its previous forecasts.

While the U.S. economy will likely suffer a “supply shock,” similar to what hampered during the pandemic and which pushed up inflation in 2021 and 2022, Gourinchas said, China is expected to experience reduced demand as U.S. purchases of its exports fall.

Inflation will likely worsen in the United States, rising to about 3% by the end of this year, while it will be little changed in China, the IMF forecast.

The European Union is forecast to grow more slowly, but the hit from tariffs is not as large, in part because it is facing lower U.S. duties than China. In addition, some of the hit from tariffs will be offset by stronger government spending by Germany.

The economies of the 27 countries that use the euro are forecast to expand 0.8% this year and 1.2% next year, down just 0.2% in both years from the IMF’s January forecast.

Japan’s growth forecast has been marked down to 0.6% this year and next, 0.5% and 0.2% lower than in January, respectively.

WASHINGTON — The infighting and backstabbing that plagued President Donald Trump’s first term have returned as a threat to his second, with deepening fissures over trade, national security and questions of personal loyalty.

The latest turmoil threatens to engulf the Pentagon, where Defense Secretary Pete Hegseth has pushed out top advisers and faces fresh controversy over sharing sensitive information about airstrikes in Yemen outside of classified channels. A former Pentagon spokesperson who was ousted last week wrote in Politico that Trump should fire Hegseth for presiding over a “full-blown meltdown.”

The interpersonal drama is not — at least yet — a dominant plot line of Trump’s return to the White House. But its reemergence after a period of relative discipline in his ranks reflects a turbulent management style that has been suppressed or papered over, not reformed.

Trump’s national security team was recently rattled by an Oval Office visit from Laura Loomer, a far-right conspiracy theorist who has been questioning his staff’s trustworthiness. The Republican president fired some of the officials, emboldening Loomer to continue scrutinizing people across the administration.

In an interview with independent journalist Tara Palmeri released on Monday, Loomer mocked the idea that the White House is “one big happy family.”

“The advisers don’t get along with each other,” she said. “The heads of agencies don’t get along with each other.”

Much of the tension is connected to Trump’s determination to use tariffs to rebalance the global economy, with officials often contradicting each other and occasionally turning to insults. Trump adviser Elon Musk, the billionaire entrepreneur whose companies could suffer from higher costs brought on by import taxes, sharply criticized Peter Navarro, Trump’s top counselor on trade, as “dumber than a sack of bricks.”

White House press secretary Karoline Leavitt dismissed the idea of growing dissension within the administration, saying there are “far more examples of the president’s team working together enthusiastically and collaboratively to advance the administration’s goals.”

“The numbers and results of this administration speak for themselves,” she said. “The president and his team are getting work done.”

Trump has always had a high tolerance for chaos, shunning traditional policy deliberations to entertain divergent opinions and viewing unpredictability as a negotiating tool. He’s spent years fostering a competitive atmosphere among his staff members, who are often chosen for their devotion and penchant for aggression.

But now the increasing strife underscores the risks for more turmoil in the months ahead, as Trump presses forward with a dramatic overhaul of the federal bureaucracy, international trade, foreign policy and more.

John Bolton, who served as national security adviser in Trump’s first term before writing a tell-all book critical of the president’s inner circle, said the drama reflects the lack of a consistent ideology and the inexperience of many administration officials.

“The only thing they have in common is the belief that they should show personal fealty to Trump,” Bolton said. “That got them the job. That may in fact keep them in the job. But it shows how fundamentally unserious they are.”

The situation is a test for Susie Wiles, the White House chief of staff, who helped run Trump’s presidential campaign last year. She earned a reputation for imposing an unusual level of order on Trump’s chaotic orbit — though she carefully avoided trying to control Trump or his impulses — and he praised her as “the ice maiden.”

During Trump’s first term, he had four chiefs of staff — one of them serving in an acting capacity for more than a year. The second, former U.S. Marine Gen. John Kelly, became a sharp critic of the president after he left the job, describing him as a fascist during the 2024 election.

With his new administration, Trump has surrounded himself with loyalists, and he’s been reluctant to throw anyone overboard in response to negative coverage from the mainstream media, which he considers to be an enemy. Allies say the hesitance to make personnel changes in this term is meant to deny giving a win to critics, even if it means leaving troubled officials in place.

On Monday, the president brushed off reports that Hegseth participated in a second group chat to talk about pending airstrikes in Yemen last month. The first chat, which used the encrypted messaging application Signal, involved top administration officials as well as the editor of The Atlantic, who was accidentally included in the discussion.

The second, first reported by The New York Times on Sunday, included Hegseth’s wife, who does not have a government job, and his brother and his personal lawyer, both of whom work at the Pentagon.

“Same old stuff,” Trump said when reporters questioned him about it during the White House Easter egg roll. He said Hegseth is “doing a great job” and “it’s just fake news.”

Leavitt, in an appearance on Fox News Channel, defended Hegseth with a swipe at the people who work for him.

“This is what happens when the entire Pentagon is working against you and against the monumental change that you are trying to implement,” she said. Leavitt’s comment was shared by an official Defense Department social media account.

However, some of those speaking out were among Hegseth’s top advisers.

John Ullyot, who served as a Pentagon spokesperson until he was asked to resign, wrote in Politico that “it’s hard to see Defense Secretary Pete Hegseth remaining in his role for much longer.” He added that “the president deserves better” and “many in the secretary’s own inner circle will applaud quietly” if Hegseth is fired.

The disorder extends through the Pentagon’s senior ranks. Three officials — Dan Caldwell, Colin Carroll and Darin Selnick — were recently pushed out, and they issued a statement saying people “have slandered our character with baseless attacks on our way out the door.”

Hegseth did not deny the reports about his use of Signal. But he added: “What a big surprise that a few leakers get fired and suddenly a bunch of hit pieces come out.”

Trump’s tariff plans have also been a source of stress inside the administration, often leading to mixed messages and policy confusion. Navarro insisted there weren’t going to be any negotiations, contradicting Treasury Secretary Scott Bessent’s insistence that import taxes were about strengthening the White House’s negotiating position.

The president partially retreated from his plans, but not before Navarro and Musk began openly feuding. Navarro said Musk was “protecting his own interests” by opposing tariffs, and he described Musk’s electric automaker Tesla as a “car assembler” that’s dependent on importing parts from overseas.

Musk, who advises Trump on ways to downsize the federal bureaucracy, responded by saying that Navarro was “truly a moron.”

Leavitt downplayed the dispute by saying “boys will be boys.”

“We will let their public sparring continue,” she told reporters. “And you guys should all be very grateful that we have the most transparent administration in history.”

Trump often appears more interested in fealty than veracity. During part of last year’s campaign, he traveled with Loomer, who has a history of making racist attacks on Trump’s opponents and once claimed the Sept. 11, 2001, attacks were an inside job.

After Trump won, Loomer became frustrated that she wasn’t allowed to help vet administration personnel. She eventually secured an Oval Office meeting with the president, bringing research on national security officials whom she believed were disloyal.

After Trump fired some of them, Loomer has continued her work. Last week, she accused Bessent of inviting a “Trump hater” to work with him on financial literacy efforts.

“I am going to personally tell President Trump and personally show him these receipts,” Loomer wrote on social media, adding “shame on” Bessent.

Musk shared her post and chimed in with his support — “troubling,” he wrote.

BEIJING — China on Monday warned other countries against making trade deals with the United States to China’s detriment.

Governments including those of Taiwan, Japan and South Korea have begun negotiations with Washington after President Donald Trump announced sweeping tariffs against almost all of America’s trading partners on April 2. The import taxes were quickly paused against most countries after markets panicked, but he increased his already steep tariffs against China.

“China firmly opposes any party reaching a deal at the expense of China’s interests,” China’s Commerce Ministry said in a statement. “If this happens, China will never accept it and will resolutely take countermeasures in a reciprocal manner. China is determined and capable of safeguarding its own rights and interests.”

U.S. Treasury Secretary Scott Bessent said earlier this month the countries currently negotiating trade deals with the U.S. should “approach China as a group” together with Washington.

The U.S. tariffs against other countries are economic bullying, the ministry said in the statement attributed to an unnamed spokesperson.

“Appeasement cannot bring peace, and compromise cannot win respect,” it added. “For one’s own temporary selfish interests, sacrificing the interests of others in exchange for so-called exemptions is like seeking the skin from a tiger. It will ultimately only fail on both ends and harm others without benefiting themselves.”

China said it’s open to talks with Washington but no meetings have been announced.

Trump made China the target of his steepest tariffs, imposing several rounds of tariffs totaling 145% duties on Chinese imports. Beijing has retaliated with tariffs of 125% on U.S. imports.

The tariffs have spooked exporters and stalled shipments, while threatening to drag on the global economy.

NEW DELHI — U.S. Vice President JD Vance arrived in India on Monday for a four-day visit as New Delhi looks to avoid U.S. tariffs, negotiate a bilateral trade deal with Washington and strengthen ties with the Trump administration.

Vance will meet Prime Minister Narendra Modi on the first day of his largely personal visit. The two leaders are expected to hold discussions on bilateral ties outlined in February when Modi met President Donald Trump in Washington.

The U.S. is India’s largest trading partner and the two countries are now holding negotiations aiming to seal a bilateral trade agreement this year.

They have set an ambitious target of more than doubling their bilateral trade to $500 billion by 2030. If achieved, the trade deal could significantly enhance economic ties between the two countries and potentially strengthen diplomatic ties as well.

Vance’s first visit to New Delhi comes amid the backdrop of Trump’s now-paused tariff program against most countries, including India. It also coincides with a rapidly intensifying trade war between Washington and Beijing, which is New Delhi’s main rival in the region.

Modi and Vance are expected to “review the progress in bilateral relations” and “exchange views on regional and global developments of mutual interest,” India’s Foreign Ministry said last week.

“We are very positive that the visit will give a further boost to our bilateral ties,” spokesperson Randhir Jaiswal said.

Vance was greeted with an Indian classical dance performance after he arrived at New Delhi’s Palam airport on Monday, following his visit to Rome, where he met Pope Francis on Easter Sunday. He is accompanied by his wife, Usha Vance, a practicing Hindu whose parents are from India, along with their children and officials from the U.S. administration.

The couple and their three young children visited the Akshardham Hindu temple in New Delhi after their arrival and are expected to tour the iconic Taj Mahal monument and the 12th-century Amer Fort — a UNESCO world heritage site — during their trip.

India is a close partner of the U.S. and an important strategic ally in combating the rising influence of China in the Indo-Pacific region.

It is also part of the Quad, which is comprised of the U.S., India, Japan and Australia and is seen as a counterbalance to China’s expansion in the region. Trump is expected to attend a summit of Quad leaders in India later this year.

Modi established a good working relationship with Trump during his first term in office and the two leaders are likely to further boost cooperation between their countries.

He was among the first leaders to visit the U.S. and hold talks with Trump after he returned to the White House. During his visit, Modi hailed a “mega partnership” with the U.S., and kickstarted a negotiation process to minimize the possible fallout of Trump’s tariffs.

The two leaders also said they planned to grow their defense partnership, with India signaling compliance with the Trump administration’s demands, saying it will purchase more oil, energy and defense equipment from the U.S.

Regardless, Trump targeted India with a 26% levy, part of which has since been paused. However, he has continued to call India a “tariff abuser” and “tariff king.”

The trade negotiations are especially urgent for New Delhi as it could be hit hard by Trump’s reciprocal tariffs, particularly in the agriculture, processed food, auto components, high-end machinery, medical equipment and jewelry sectors.

WASHINGTON — U.S. wholesale prices fell last month in another sign that inflationary pressures are easing. But President Donald Trump’s trade wars cloud the outlook.

The Labor Department said Friday that its producer price index — which tracks inflation before it hits consumers — fell 0.4% from February, first drop since October 2023. Compared with a year earlier, producer prices rose 2.7%, down from a 3.2% year-over-year gain in February and much lower than the 3.3% economists had forecast. Gasoline prices fell 11.1% from February and egg prices, which had skyrocketed because of bird flu, plummeted 21.3%.

Excluding volatile food and energy prices, so-called core wholesale inflation fell 0.1% from February, the first drop since July. Compared to a year earlier, core producer prices were up 3.3% and lower than economists had forecast.

The report comes a day after the Labor Department delivered good news on inflation at the consumer level. Its consumer price index rose just 2.4% last month from March 2024, the smallest year-over-year gain since September. Core consumer prices posted the smallest year-over-year increase in nearly four years.

The inflation outlook is muddied by Trump’s trade wars. He’s imposing a 145% tax — a tariff — on Chinese imports and is hitting most of the rest of the world’s imports with a 10% levy that might go up after 90 days.

The trade barriers are widely expected to raise prices as importers attempt to pass along their higher costs.

NEW YORK — When Donald Trump offered some financial advice Wednesday morning, stocks were wavering between gains and losses.

But that was about to change.

“THIS IS A GREAT TIME TO BUY!!! DJT,” he wrote on his social media platform Truth Social at 9:37 a.m.

Less than four hours later, Trump announced a 90-day pause on nearly all his tariffs. Stocks soared on the news, closing up 9.5% by the end of trading. The market, measured by the S&P 500, gained back about $4 trillion, or 70%, of the value it had lost over the previous four trading days.

It was a prescient call by the president. Maybe too prescient.

“He’s loving this, this control over markets, but he better be careful,” said Trump critic and former White House ethics lawyer, Richard Painter, noting that securities law prohibits trading on insider information or helping others do so. “The people who bought when they saw that post made a lot of money.”

The question is, Was Trump already contemplating the tariff pause when he made that post?

Asked about when he arrived at his decision, Trump gave a muddled answer.

“I would say this morning,” he said. “Over the last few days, I’ve been thinking about it.”

He then added, “Fairly early this morning.”

Asked for clarification on the timing in an email to the White House later, a spokesperson didn’t answer directly but defended Trump’s post as part of his job.

“It is the responsibility of the President of the United States to reassure the markets and Americans about their economic security in the face of nonstop media fearmongering,” wrote White House spokesman Kush Desai.

Another curiosity of the posting was Trump’s signoff with his initials.

DJT is also the stock symbol for Trump Media and Technology Group, the parent company of the president’s social media platform Truth Social.

It’s not clear if Trump was saying buying stocks in general, or Trump Media in particular. The White House was asked, but didn’t address that either. Trump includes “DJT” on his posts intermittently, typically to emphasize that he has personally written the message.

The ambiguity about what Trump meant didn’t stop people from pouring money into that stock.

Trump Media closed up 22.67%, soaring twice as much as the broader market, a stunning performance by a company that lost $400 million last year and is seemingly unaffected by whether tariffs would be imposed or paused.

Trump’s 53% ownership stake in the company, now in a trust controlled by his oldest son, Donald Trump Jr., rose by $415 million on the day.

Trump Media was bested, albeit by only two-hundreds of a percentage point, by another Trump administration stock pick — Elon Musk’s Tesla.

Last month, Trump held an extraordinary news conference outside the White House praising the company and its cars. That was followed by a Fox TV appearance by his commerce secretary urging viewers to buy the stock.

Tesla’s surge Wednesday added $20 billion to Musk’s fortunes.

Kathleen Clark, a government ethics law expert at Washington University School of Law, says Trump’s post in other administrations would have been investigated, but is not likely not to trigger any reaction, save for maybe more Truth Social viewers.

“He’s sending the message that he can effectively and with impunity manipulate the market,” she said, “As in: Watch this space for future stock tips.”