Urgent: The collapses are multiplying in the markets after Powell's remarks.. and gold is falling sharply.

Trump wrote: "This is the perfect time to lower interest rates," adding that Powell should "stop playing politics."

The Fed Chair did not directly respond to the President's comments but reaffirmed the independence of the central bank and its mandate regarding inflation.

Powell stated: "The Fed is committed to keeping inflation expectations anchored."

While Powell acknowledged the economic risks from tariffs.