U.S. markets are poised to open with big gains, a clear signs of relief after President Donald Trump said he would not attempt to fire the head of the Federal Reserve and Treasury Secretary Scott Bessent said he expects a “de-escalation” from unsustainable tariffs against China in the trade war between the world’s two largest economies.

Speaking in the Oval Office after a brief swearing-in ceremony for Securities and Exchange Commission Chair Paul Atkins on Tuesday, Trump said talks with China were “doing fine” because “everybody wants to have involvement” in American markets.

U.S. Treasury Secretary Scott Bessent on Wednesday called on the International Monetary Fund and World Bank to refocus on their core missions of macroeconomic stability and development, arguing that they have strayed too far into vanity projects such as climate change that have reduced their effectiveness.

The International Monetary Fund and the World Bank "must be made fit for purpose again," US Treasury Secretary Scott Bessent said Wednesday, arguing the institutions should be promoting economic growt