WASHINGTON — 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.” Yet Trump said the economy could slow without rate cuts.
President Trump remains on the attack against Jerome Powell, deriding the Federal Reserve chief in a social media post on Monday as a “major loser” and pressing him to lower interest rates “NOW.”
The latest blast comes just days after Mr. Trump said on April 17 that Powell’s “
» Read more about: Can Trump fire Federal Reserve Chair Jerome Powell? Here's what to know. »
Wall Street weakened Monday as investors worldwide get more skeptical about U.S. investments because of President Donald Trump’s trade war and his criticism of the Federal Reserve, which are shaking the traditional order.
The S&P 500 sank 2.4% in another wipeout. That yanked the index that’s at the center of many 401(k) accounts 16% below its record set two months ago.
Tesla (NASDAQ: TSLA) stock fell again on Monday after news broke of a major delay in its production plans.
» Read more about: Tesla Is Sinking Again Today: Is It Time to Buy the Stock? »
Tesla is set to report its first-quarter earnings on Tuesday, and Wall Street is bracing for more pain.
The electric vehicle maker’s stock is down 44% year-to-date as investors grapple with numerous worries, including a slowdown in vehicle sales, the impact of President Donald Trump’s 25% auto tariffs, and reported delays of a lower-cost Tesla model.
Auto giant Ford (F) has halted the shipments of its vehicles to China as the trade war between Beijing and Washington escalates. Following China’s retaliatory measures in response to the Trump administration’s U.S. import taxes, tariffs on vehicles exported to China have increased to as high as 150%.
» Read more about: Ford Halts Vehicle Shipments to China as Trade War Escalates »
Hertz (HTZ) shares tumbled 11% Monday morning, giving back gains from last week’s rally sparked by Bill Ackman’s hedge fund taking a significant position in the rental car giant.
Ackman, the CEO of Pershing Square Capital Management, shared on social media that his company had built a 19.8% stake in Hertz after accumulating shares since late last year.
Wall Street tumbled and the dollar slumped to a three-year low on Monday as growing global skepticism over U.S. investments intensified, driven by President Donald Trump‘s ongoing trade war and public criticism of the Federal Reserve.
These actions have rattled confidence in the traditional economic order, prompting investors to pull back.
» Read more about: US Dollar Hits Three-Year Low as Stocks Tumble Amid Trump Attacks on Fed »
Stocks opened lower Monday, and selling accelerated throughout the session. Today’s declines were a result of continued losses in several of Wall Street’s biggest stocks and growing chatter over President Donald Trump’s desire to fire Federal Reserve Chair Jerome Powell.
The three main indexes all started the day with losses of 1% or more.
» Read more about: Stock Market Today: Dow Drops 971 Points as Powell Pressure Ramps Up »
