The Federal Reserve’s first deep look at the economy since President Trumped imposed tariffs on the rest of the world showed the U.S. still expanding steadily, but “pervasive” uncertainty threatened to curtail growth in the months ahead.

Pervasive” uncertainty over President Donald Trump’s shifting tariff plans loomed large across the US in recent weeks, the Federal Reserve said Wednesday (Thursday AEST) in its Beige Book report. Economic activity was little changed since the previous report,

U.S. stocks are leaping as a worldwide rally comes back around to Wall Street after Trump softens tough rhetoric about trade war and the Fed.

Listening to President Trump on Tuesday, it's as if all the vitriol towards Fed boss Jay Powell - the threats, the name calling - was some crazy misunderstanding. Trump now says he had "no intention of firing him" and was just gently angling for a rate cut or two.

Chief executives of Walmart, Target and Home Depot reportedly warned Trump that supply chain disruptions would lead to empty shelves at U.S. stores in weeks.

Gold on Wednesday extended its retreat from an all-time high, falling more than 3%, as appetite for riskier assets improved after President Donald Trump said he has no plans to fire the U.S. Fed's chief and also signalled progress with China on the tariff front.

Gold fell for a second day as the White House struck a softer tone on Federal Reserve independence and investors weighed Trump administration comments on trade.