US Markets Plummet as Trump Criticizes Federal Reserve Chairman
US financial markets declined sharply on April 21, with major stock indices facing significant losses amid escalating tensions between President Trump and Federal Reserve Chairman Jerome Powell. In contrast, cryptocurrency prices remained stable.
Market Overview
- The S&P 500 dropped 2.3%
- Nasdaq fell by 2.4%
- Dow Jones lost nearly 1,000 points, down 2.4%
JUST NOW: President Trump calls Jerome Powell a "major loser" and demands interest rates lowered "now" pic.twitter.com/rAM7CVmPw2
— Morning Brew
(@MorningBrew) April 21, 2025
Trump's Criticism of the Fed
- Trump demanded immediate interest rate cuts, citing lower energy and food costs and claiming "there is virtually No Inflation."
- He criticized Powell for not acting sooner, stating his removal is necessary.
- The US Dollar Index fell below 98, marking a three-year low.
Crypto Market Resilience
- Total cryptocurrency market cap remained steady at $2.74 trillion.
- Bitcoin reached a four-week high of $88,428.
Why is the price of bitcoin flat? Should Trump fire Jerome Powell? Will The US lose reserve currency status?
I answer your questions
pic.twitter.com/S7Q6hANR3H
— Anthony Pompliano
(@APompliano) April 18, 2025
Industry Concerns
- Pompliano warned against presidential interference in the Federal Reserve.
- Experts predict the central bank will maintain rates at its May 7 meeting, with only a 13% chance of a reduction.
Political instability has led to fluctuations in traditional markets while cryptocurrencies have shown resilience during this period.