Stocks were already headed for a lower open on Monday, but lost more ground following President Donald Trump’s post on Truth Social criticizing Fed Chair Jerome Powell.
The Dow is down more than 800 points. The S&P is down more than 2% and the NASDAQ is down nearly 3%.
Stocks are lower, but the price of treasuries and value of the dollar, which normally rise in times of market turmoil, are also lower.
“‘Preemptive Cuts'” in Interest Rates are being called for by many,” Trump wrote Monday. “With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other ‘things’ trending down, there is virtually No Inflation.”
Federal Reserve Chair Jerome Powell departs after speaking to the Economic Club of Chicago, April 16, 2025.
Vincent Alban/Getty Images
“With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW,” Trump continued. “Europe has already “lowered” seven times. Powell has always been ‘To Late.'”
–ABC News’ Zunaira Zaki
