Trading desks across Wall Street have benefited as President Donald Trump's tariff policies have roiled markets for bonds, currencies, commodities and stocks.

The New York Times said Trump waved a draft letter firing Powell at an Oval Office meeting late Tuesday. Trump had gathered a group of Republicans that had blocked a procedural vote that would have advanced crypto legislation, to convince them to let the legislation advance. Odds of Powell being fired surged to 40% on prediction market Kalshi.

Major Wall Street brokerages have withdrawn their expectations for a September interest rate cut by the Bank of England, as inflation remains sticky and the labour market resilient.

Goldman Sachs’s second-quarter profit climbed 22% from a year ago to $3.72 billion, the investment bank said Wednesday. Earnings per share were $10.91, topping Wall Street’s estimates for $9.69, according to analysts’ estimates compiled by FactSet.

Citigroup, Goldman Sachs and other major banks post massive trading gains as market volatility defines Trump’s economic landscape.

Trading desks across Wall Street have benefited as President Donald Trump’s tariff policies have roiled markets for bonds, currencies, commodities and stocks.

Two years ago, it was hard to think of a Wall Street boss under more pressure than David Solomon. The Goldman Sachs chief was wrestling with an abundance of problems, from a failed attempt at consumer banking to a wave of real estate losses. Solomon’s DJ-ing hobby, lavish bonuses, unhappy juniors and private jet habit hadn’t helped.

Profits at Goldman Sachs surged from boosts in trading and dealmaking, the latest example of how big Wall Street banks were able to recover from the market chaos triggered by President Trump's tariffs.