šØš The stock market took a nosedive this week, and you’ll never guess who’s to blame! š±šŗšø President Donald Trump continued his tirade against Federal Reserve Chair Jerome Powell, calling him “an American disgrace.”
The Federal Open Market Committee (FOMC) decided to keep the target range for the federal funds rate at 4.25-4.5%, arguing that it’s the perfect level to achieve maximum employment and controlled inflation. But Trump wasn’t having it, taking to his social media platform Truth Social to vent his frustrations.
“‘Too Late’ Jerome Powell is costing our Country Hundreds of Billions of Dollars. He is truly one of the dumbest, and most destructive, people in Government, and the Fed Board is complicit. Europe has had 10 cuts, we have had none. We should be 2.5 Points lower, and save BILLIONS on all of Bidenās Short Term Debt. We have LOW inflation!”
The S&P 500 is down 0.031% in the past day and 0.61% in the past five days, while the Nasdaq Composite is trading roughly even in the past 24 hours but is down 0.55% in the past five days. The Dow Jones Industrial Average is down 0.1% in the past day and 1.29% in the past five days.
Powell met with Trump last month after enduring a barrage of insults from the president. However, the Fed noted in a statement following the meeting that Powell did not discuss interest rate expectations with the president.
āAt the Presidentās invitation, Chair Powell met with the President today at the White House to discuss economic developments, including for growth, employment, and inflation.
Chair Powell did not discuss his expectations for monetary policy, except to stress that the path of policy will depend entirely on incoming economic information and what that means for the outlook.
Finally, Chair Powell said that he and his colleagues on the Federal Open Market Committee (FOMC) will set monetary policy, as required by law, to support maximum employment and stable prices and will make those decisions based solely on careful, objective, and non-political analysis.ā
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2025-06-20 15:01