President Donald Trump responded by excending US Federal Reserve Chairman Jerome Powell by continuing to reduce the value of the stock market.
The market lost trillions of dollars as Trump launched his plan to issue massive tariffs to raise revenue and reduce the trade deficit with US trading partners.
“If the losers are too late, there will be a slower economy unless the major losers lower interest rates.”
On Thursday, Trump accused Powell of being too long to cut Fed rates, and continued his attack on Monday.
“Many people are looking to “preemptively reduce interest rates.” There’s virtually no inflation as energy costs drop, food prices (including Biden’s egg disaster!) are dropping significantly, and most other ‘things’ are down,” Trump said. On social media.
“These costs are so low that there’s little inflation just what I predicted they’d do, but there’s too late, it’s a major loser and there’s a slowdown in the economy unless we’re down on interest rates,” he continued. “Europe has already dropped seven times. Powell has always been ‘late late’, but how did that work, except for the election period where he went down to help the sleepy Joe Biden, who was later elected by Kamala? ”
After his comments, the S&P 500 index It was dropped Since the beginning of the year, 12%, totaling 12%, and 3%. The Dow Jones industrial average lost about 10%, while the Nasdaq fell 18%.
Powell said in a Chicago economic club that the economy was very strong, but he believed the future was cloudy due to the volatility caused by the president’s sudden, massive tariff policy.
Trump had previously suggested that Powell would soon be fired from the position. Powell previously said the president cannot legally fire the Federal Reserve Chairman, and he repeated his position on Thursday.
“Generally speaking, the Fed’s independence is very widely understood and supported by Washington’s Congress.
“We will never be influenced by political pressure,” Powell said. “People can say anything they want. … That doesn’t matter, but we do strictly do things without taking into account political or other external factors.”
In June 2022, Powell said the Fed’s goal was to slowly relieve inflation pain, at 8% at the time, reaching a more manageable level of 2%.
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