President Trump said he isn't planning to dismiss Federal Reserve Chair Jerome Powell and signaled that tariffs on China could be cut. For many on Wall Street, the smoking gun signaling capital flight from the U.S. is that the S&P 500 and the dollar have often sold off simultaneously this month. And the U.S. economy is expected to suffer a significant slowdown this year, with growth now forecast at 1.8%, according to the International Monetary Fund.

Trump has privately raised the possibility of firing Powell to advisers in recent months. Last week, he expressed confidence that he had the authority to oust Powell. “If I want him out, he’ll be out of there real fast, believe me,” Trump said. And he renewed his criticism of Powell on Monday. Trump’s social-media posts about Powell have triggered market volatility.

Trump’s public attacks on Powell unnerved some of his advisers, who made the case to the president that attempting to fire the Fed chair would result in a market downturn and prompt a messy legal fight, according to people familiar with the matter.

• U.S. Faces Recession This Year, IIF Says
• IMF Warns on Potential Market Spillovers From Trade War
• Why Some Tariffs Are Now Above 3,500%

Total U.S. household wealth stood at about $148 trillion at the end of 2024, according to a measure Zucman used that subtracts the value of big-ticket items such as appliances as well as unfunded pensions from the Federal Reserve’s estimate of household wealth.

The Fifth District Survey of Manufacturing Activity's index for April fell to minus 13 from minus 4 in March, the Federal Reserve Bank of Richmond said Tuesday. A reading below zero means that of the 68 to 76 firms responding to the survey, more reported decreasing activity than increasing. It was a worse result than economists had estimated, with consensus seeing a decrease to minus 6.5 on the index. (Dow Jones Newswires)

9:30 a.m.: Fed Listens event FRB St. Louis President Alberto Musalem and Federal Reserve Governor Christopher Waller
9:45 a.m.: US Flash Manufacturing PMI
9:45 a.m.: US Flash Services PMI
10 a.m.: New Residential Sales
12 p.m.: Governor Talk with Central Bank of Argentina Governor Santiago Bausili during this week's IMF-World Bank Spring Meetings
2 p.m.: U.S. Federal Reserve Beige Book
6:30 p.m.: Money Marketeers dinner event with Federal Reserve Bank of Cleveland President Beth Hammack
7 p.m.: Bank of England Deputy Governor Sarah Breeden and Bank of Korea Governor Chang Yong Rhee speak at 'Monetary Policy and Financial Stability in Inflationary Times' discussion
7 p.m.: G20 Finance Ministers and Central Bank Governors working dinner

8 a.m.: IMF Managing Director Kristalina Georgieva press briefing on the Global Policy Agenda
8 a.m.: Deutsche Bundesbank President Joachim Nagel participates in press breakfast at the IMF and World Bank Spring Meetings
8:30 a.m.: Chicago Fed National Activity Index (CFNAI)
8:30 a.m.: Advance Report on Durable Goods
8:30 a.m.: Unemployment Insurance Weekly Claims Report - Initial Claims
9 a.m.: G20 Finance Ministers and Central Bank Governors Meeting
9 a.m.: PIIE discussion with Bank of England Deputy Governor Clare Lombardelli and ECB Executive Board Member Philip Lane
10 a.m.: Existing Home Sales
11 a.m.: Federal Reserve Bank of Kansas City Survey of Tenth District Manufacturing
2:30 p.m.: Governor Talk with National Bank of Poland President Adam Glapinski during this week's IMF-World Bank Spring Meetings

The International Monetary Fund projects fuel commodity prices to fall by 7.9% in 2025, with a 15.5% drop in oilprices and 15.8% lower coal prices partly offset by a 22.8% rise in natural gas prices. U.S. tariffs unveiled on April 2 exacerbated an already bearish outlook for oil "with supply growth expected to likely outpace tepid global demand growth through 2025 and 2026," the IMF says in its World Economic Outlook. "Upside price risks from potential disruptions in oil supply from countries subject to sanctions or a de-escalation of trade barriers are offset by the possibility of a further escalation in the trade war and additional increases in OPEC+'s production schedule." — Anthony Harrup

• President Trump said he discussed trade, Iran and other issues with Israeli Prime Minister Benjamin Netanyahu on Tuesday. "The call went very well—We are on the same side of every issue," Trump wrote on Truth Social.
• Business activity in Europe weakened in April, in contrast to pickups in Japan and India, underlining the diverse ways in which higher U.S. tariffs are affecting economies around the world.
• Consumers in the eurozone are feeling gloomier as uncertainty around U.S. President Trump’s trade tariffs spells economic challenges ahead, according to a gauge of sentiment published Tuesday.
• China’s foreign ministry signaled that Beijing is willing to discuss tariffs with the U.S., but won’t do so under continued threats from the Trump administration.
• Indonesia’s central bank kept rates on hold even as slowing growth backs the case for a cut, likely opting to lend support to the rupiah and wait to see how U.S. tariffs develop.

WSJ Pro Central Banking brings you central banking news, analysis and insights from WSJ’s global team of reporters and editors. This newsletter was compiled by markets reporter Vicky Ge Huang in New York. Send your tips, suggestions and feedback to vicky.huang@wsj.com.