US stocks are being assaulted as the market measures the ongoing fear of trade relations and the ongoing fear of attacks on the Fed.
President Donald Trump’s continued uncertainty over the trade war and attacks on the Federal Reserve saw investors dump the US dollar and stocks. The Dow Jones fell 976.23 points or 2.49% between early afternoon and late afternoon, while the S&P 500 fell 2.63% over the same period. The high-tech-centric NASDAQ index fell by another 2.97%.
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At the same time, the US dollar index was low at 97.92, falling to its lowest level since 2022.
At the same time, Bitcoin (BTC) reaches a daily high of $88,460 each day, suggesting that some traders may view it as a safe haven compared to the weakening of the dollar. Gold has also seen strong performances at $3,413, up 2.95% per ounce.
Trump’s Pressure Chair Awards to cut interest rates
In a post about Truth Society on Monday, April 21, Trump called Powell “the major loser” and “Mr. Two Late,” and put pressure on him to cut interest rates to support the struggling stock market. Trump argued that the drop in energy prices, partly due to the fear of the recession, will help ease inflation that may arise from interest rate cuts.
Donald Trump’s Truth Society Submit Source: crypto.news
Unlike Trump, Powell has repeatedly expressed skepticism about the potential impacts of easing monetary policy. In a speech in March, the Fed chair explained that the US economy is on track despite wild fluctuations in the stock market. In particular, Powell cited strong employment figures that suggest that he has time to respond to the Fed.
Since its inception, the Federal Reserve, like central banks in all developed countries, has established monetary policy independent of Washington’s directives. This independence is seen as essential to ensuring the strength of the domestic currency, as it helps to counter political pressures in favour of devaluation.
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