Trump’s Attack on Fed Chair Triggers Asian Market Meltdown!
US stocks have fallen sharply recently, due in large part to US President Donald Trump’s trade war concerns as well as criticism of Federal Reserve Chairman Jerome Powell.
In a conversation with Truth Social, US President Donald Trump said that many people are talking about a “preemptive cut” in interest rates. Trump said there is no inflation, while claiming that energy costs and food prices are lower.
Trump Said: “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. Europe has already ‘Lowered’ seven times. Powell has always been ‘Too Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?”
Investors viewed Trump’s harsh words as an attack on the independence of Chairman Jerome Powell.
On 23rd April, the Dow Jones Industrial Average fell 2.48% to close at 38,170.41. In addition, the S&P 500 declined 2.36% and the NASDAQ declined 2.55%. Along with the US stock market, the Asian stock market has also declined. Taiwan’s Taiwan Weighted fell 0.21% and Hong Kong’s Hang Seng Index fell 0.65%.
