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Stocks and Bonds Sink After Latest Trump Fed Critique: Closing Bell
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April 21, 2025
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9:53Now PlayingHeavy selling lashed Wall Street anew Monday, with longer-dated Treasuries joining stocks and the dollar in a deepening slump, after President Donald Trump’s censure of Jerome Powell’s interest-rate policy sowed angst among investors already coping with a global trade war.
Trump’s assurances that tariff talks were progressing did little to stop the rout. The S&P 500 and other major US stock indexes tumbled around 2.5% each in light trading, while a gauge of the dollar weakened to a 15-month low. The benchmark 10-year fell with the yield reaching 4.4%. As investors turned away from US securities, haven assets climbed. Gold jumped to another record, above $3,400 an ounce, while the Swiss franc gained around 1% against the dollar.
The agita also spread to the US credit market. In derivatives, the cost of protecting a basket of high-grade credit securities against default rose to the highest in more than a week. Three investment-grade companies looked at selling bonds on Monday, but after seeing the market backdrop, two elected to stand down, and only American Express Co. moved forward with a sale.
Watch comprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Alix Steel, Scarlet Fu, Carol Massar and Tim Stenovec.
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