President Trump stepped up his attacks on Jerome Powell, saying the Federal Reserve chair’s “termination cannot come fast enough.”

In an early morning social-media post, the president argued Powell was always late, and the U.S. central bank should have cut rates more aggressively like its main counterpart in Europe. The ECB cut rates a quarter-percentage point Thursday, its seventh cut in eight meetings.

Powell had said on Wednesday there was a “strong likelihood” that the economy would take a hit from higher tariffs. But he hinted the central bank could give priority to its goal to fight inflation over the other part of its dual mandate—to maintain a strong labor market.

Tensions between the White House and the Fed have the potential to unnerve investors who see the central bank’s independence as a foundational appeal of betting on U.S. markets. Questions around the Fed leadership add a wildcard to markets already struggling to adjust to generational shifts in trade policy and international relations.

In early trading, stocks looked poised to claw back some ground lost in the previous day’s tech-driven rout. S&P 500 and Nasdaq-100 futures rose, and Nvidia gained about 1% in premarket trading, after selling off a day earlier.

But contracts tied to the Dow industrials dropped, after disappointing results from UnitedHealth sent its stock sliding about 20%. UnitedHealth’s share price has an outsize effect on the price-weighted Dow index.

The trade war also remains in focus, with Trump late Wednesday touting progress in talks with Japan. Japan, the fourth-biggest goods exporter to the U.S, is one of dozens of countries seeking to strike a deal during a 90-day pause to so-called reciprocal tariffs.

Aside from UnitedHealth, earnings from American Express, Blackstone and a clutch of regional banks are also due, and will give more clues about the trade war’s early effects on consumers, companies and the economy. TSMC, the world’s largest contract chip maker, posted a bigger-than-expected jump in first-quarter profit.

Dow industrials futures fell, while contracts tied to the tech-heavy Nasdaq-100 rose.

U.S. government bonds fell in price. Ten-year Treasury yields rose, putting them on track to snap three days of declines.

The WSJ Dollar Index rose. It has fallen for six of the past seven trading days, a depreciation that has rippled through the world economy.

Global markets were mixed. The Stoxx Europe 600, slipped while Asian markets broadly rose. The yen weakened after Japan’s trade negotiator said currencies weren’t part of the trade discussions in Washington.

The European Central Bank cut interest rates. President Christine Lagarde’s press conference later is expected to give indications about how Trump’s tariffs are hitting Europe.

The U.S. stock market is closed tomorrow for Good Friday. The bond market closes early today, at 2 p.m. ET.

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