As President Donald Trump stepped up his criticism of the US central bank chief, labelling him “a major loser” for failing to cut interest rates, US markets and the dollar fell once further. Trump claimed in a social media post that Jerome Powell, the head of the Federal Reserve, had been too slow to react to economic changes and urged Powell to lower interest rates “pre-emptively” to assist stimulate the economy.
There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” he stated. Trump has criticised Powell’s management of the US economy at a time when his own tariff plans have caused a sell-off in the stock market and sparked concerns about a potential recession.
The market turbulence has been exacerbated by the president’s growing conflict with Powell, whom he appointed to head the Fed during his first term. Monday saw a 2.4% decline in the S&P 500, which measures 500 of the largest US corporations. Since the beginning of the year, it has lost almost 12% of its worth.
The Nasdaq sank more than 2.5 percent and has lost over 18 percent since January, while the Dow Jones Industrial Average dipped 2.5 percent and has lost approximately 10 percent this year. Even while US government bonds and the USD are often seen as safe investments during market instability, they have not been immune to the recent unrest.
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