Trump set his sights on Jerome Powell
Wall Street futures are attempting a comeback on Tuesday, following Monday's dramatic nosedive. Yet, let's not pop the champagne just yet—the S&P 500 is still nursing a 16% drop from its February high. Meanwhile, the U.S. dollar is catching its breath near a three-year low after a selloff sparked by Donald Trump's critique of Fed Chair Jerome Powell. Trump is calling for immediate interest rate cuts, warning of an economic slowdown without them. This has stirred up worries about the Fed's independence, rattling investor nerves and pushing the dollar index to its lowest since March 2022. Gold, the darling of safe-haven assets, hit a record high above $3,500 before retreating slightly.
