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"Major loser:" President Trump criticizes Fed Chair Jerome Powell, Dow drops 970+ points
Posted
April 21, 2025
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9:07Now PlayingPresident Donald Trump continued his criticism of Federal Reserve Chair Jerome Powell, calling him a "major loser."
Meanwhile, the Dow Jones Industrial Average dropped 2.48%, the S&P 500 down 2.36% and Nasdaq Composite slid 2.55% as investors watched for signs of progress on trade talks.
Shares of the "Magnificent Seven" also traded lower, with Tesla falling more than 5% and Nvidia down over 4%.
LiveNOW's Andrew Craft discussed the stock market and Trump's criticism of the central bank with Jeffrey Roach, Chief Economist at LPL Financial.
President Trump also said the central bank should make "preemptive cuts" to interest rates.
"'Preemptive cuts' in Interest Rates are being called for by many," Trump wrote in a post on Truth Social. "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."
Trump's comments come after he said in a Truth Social post last week that "Powell's termination cannot come fast enough."
Powell has said that he intends to serve out the remainder of his term as chair of the Federal Reserve, which ends on May 15, 2026.
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