US Economy
US stocks and dollar fall as Trump criticizes Federal Reserve chairman
US stocks and the dollar experienced a significant decline due to fears over the central bank's independence. The S&P 500 dropped 2.36%, while the Nasdaq Composite fell 2.55%. This was one of the steepest one-day declines of the year. US equities opened lower, then dropped further after the opening bell. This was influenced by Trump's criticism of Federal Reserve Chairman Jerome Powell, who Trump labelled a "major loser" for not cutting interest rates.
TL;DR (Meta-Llama-3.1-8B + RAG)
past month
- US gold price hits record high as investors respond to President Trump's economic policies
- US President Trump expresses strong disapproval of Federal Reserve chairman, calls for Powell's removal from position
- US Fed chair warns of potential inflation and growth slowdown due to ongoing trade tensions with China
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