US stocks fall after Trump calls Feds Powell a major loser for not lowering rates

US stocks dropped Monday as President Trump intensified his attacks on the Federal Reserve’s independence — calling chairman Jerome Powell “a major loser” for not lowering interest rates.The Dow Jones Industrial Average plummeted 656 points, or 1.7%, by about 10:15 a.m.ET after plunging about 1,406 points during the previous holiday-shortened week.

US markets were closed on Friday in observance of Good Friday.The S&P 500 on Monday fell 1.9% and the Nasdaq slipped 2.4%.In a fiery Truth Social rant on Monday, Trump once again called for the Federal Reserve to slash interest rates immediately, taunting Powell with the nickname “Mr.Too Late.”“‘Preemptive Cuts’ in Interest Rates are being called for by many.

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 wrote.According to the most recent data, consumer prices rose 2.4% over the past 12 months through March.

In the same month, egg prices at supermarkets hit a record high despite fewer bird flu cases and falling wholesale costs — indicating retailers could be holding out on passing along the lower prices.“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…” Trump continued.

“Powell has always been ‘To Late,’ except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected.”Questions intensified over the weekend around the Federal Reserve’s independence after National Economic Council Director Kevin Hassett on Friday said Trump is studying whether he’s able to fire Fed Chair Jerome Powell.Last week, Trump wrote in a Truth Social post, “Powell’s termination cannot come fast enough.”That dig followed a warning from the n...