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Stocks slide as Trump escalates criticism of Fed Chair Powell

U.S. stocks tumbled in early trading on Monday as President Donald Trump escalated his criticism of the Federal Reserve, urging the central bank to immediately lower interest rates and questioning the policy approach of Fed Chair Jerome Powell. The comments came days after Trump said he was eager for Powell’s "termination" despite a longstanding norm of political independence at the central bank. The tech-heavy Nasdaq declined 3%.

Trump renews attacks on Federal Reserve Chair Powell, accelerating US market slide

President Donald Trump repeated his attacks Monday against the chair of the Federal Reserve, demanding that the central bank lower its key interest rate to boost the economy. Trump called Powell “a major loser” and said that energy and grocery prices are “substantially lower” and “there is virtually No Inflation.” Trump's comments drove the stock market and the dollar lower as investors in the U.S. and overseas grow increasingly wary about the economic standing of the U.S. On Friday, a top White House adviser said the administration is studying whether it can fire Powell, a move that would undermine the Fed's independence and likely send shock waves through global financial markets.