US Dollar, falling stocks, and rising cryptocurrencies as Trump intensifies pressure on the Fed
The President of the United States reiterated calls for interest rate cuts as the stock market continues to plummet and the Dollar Index hits a three-year low.
The cryptocurrency market has avoided the fallout from the latest attack by US President Donald Trump on Federal Reserve Chairman Jerome Powell, causing US stock markets to decline and the dollar to continue weakening due to instability.
Stock markets across the United States ended April 21 in the red, with the S&P 500 down 2.4%, the tech-heavy Nasdaq down 2.5%, and the Dow Jones losing 2.5%, equivalent to nearly 1,000 points, according to Google Finance.
The S&P 500 index has now fallen more than 12% since the beginning of the year, and Nasdaq is down nearly 18% amid a wave of selling off US tech stocks.
Stocks slid after escalating tensions between Donald Trump and Jerome Powell, along with growing concerns about the impact of trade tariffs.
"Many are calling for 'Cut Rates Now'", Trump wrote on his Truth Social platform on April 21.
He added: "With energy costs plummeting, food prices […] significantly lower, and most 'everything else' trending down, there is basically no inflation."
Trump reiterated calls for interest rate cuts, while Powell, who was called "Mr. Too Late" and a "big loser" by the US President, maintained interest rates at a high of 4.5%.