The stock market tumbled this week when US President Donald Trump continued his attacks on the Federal Reserve chairman Jerome Powell.
The Federal Open Market Committee (FOMC) announced on Wednesday that it was planning to maintain the target range for the federal funds at 4.25-4.5%, with the argument that this was the most suitable level to achieve both maximum employment and controlled inflation.
Trump made the decision about his social media platform Truth Social, and called Powell ‘an American shame’.
“‘Too late’ Jerome Powell costs our country hundreds of billions of dollars. He is really one of the stupidest and most destructive people in the government, and the Fed Board is complicit. Europe has had 10 cuts, we have none.
The S&P 500 drops by 0.031% and 0.61% in the past five days in the past day, while the Nasdaq composite is traded in the past 24 hours in the past five days, but has fallen by 0.55% in the last five days. The industrial average of Dow Jones has fallen by 0.1% in the past day and 1.29% in the last five days.
Powell met Trump last month after a barrage of insults from the president. However, the FED was noted in a statement after the meeting that Powell did not discuss the expectations of the interest rate at the president.
“During the president’s invitation, chairman Powell met the president today at the White House to discuss economic developments, including for growth, employment and inflation.
Chairman Powell did not discuss his expectations for monetary policy, except to emphasize that the path of policy will depend entirely on incoming economic information and what that means for the prospects.
Finally, chairman Powell said he and his colleagues on the Federal Open Market Committee (FOMC) will set the monetary policy, as required by law, to support maximum employment and stable prices and will only take these decisions based on careful, objective and non-political analysis. “
Follow us on X, Facebook and Telegram
Don’t miss a beat – Subscribe to get e -mail notifications directly to your inbox
Check price promotion
Surf the Daily Hodl -Mix
Generated image: midjourney