Stocks closed solidly higher Wednesday, though well off their earlier highs, as investor concerns about tariffs and Federal Reserve independence eased following comments from President Donald Trump.

President Donald Trump repeated his attacks Monday against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy. Trump called Powell “a major loser” and said that energy and grocery prices are “substantially lower” and “there is virtually No Inflation.

Trump, upset that the Federal Reserve was not cutting interest rates immediately, said that he could fire Fed Chair Jerome Powell. But Trump told reporters Tuesday, “I have no intention of firing him.