Federal Reserve board member Jerome Powell speaks after President Donald Trump announced him as his nominee for the next chair of the Federal Reserve in the Rose Garden of the White House in Washington, Thursday, Nov. 2, 2017. (AP Photo/Alex Brandon)
President Donald Trump continued his rhetorical assault on Jerome Powell, the man he appointed to serve as the chairman of the Federal Reserve, as the stock market continued its freefall on Monday morning.
“‘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,” wrote Trump in a post on Truth Social. “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 [Powell], a major loser, lowers interest rates, NOW. Europe has already ‘lowered’ seven times. Powell has always been ‘To [sic] Late,’ except
The Dow Jones Industrial Average opened at 9:30 a.m. ET on Monday at 38,906 and almost immediately fell a couple of hundred points. Since Trump posted his attack on Powell at 9:41 a.m. the Dow has fallen further to 38,084 as of 11:35 a.m..
Trump repeatedly attacked Powell last week, arguing that Powell’s “termination cannot come fast enough” and insisting that “if I want him out, he’d be out of there real fast” after Powell criticized Trump’s trade policy and vowed to defy “political pressure.”
Last Wednesday, the day before Trump first laid into his own appointee, the Dow closed at 39,669.