Trump Goes After Powell Again, and Markets Slide

The stock market is off to a miserable start in the new week, and a new blast from President Trump directed at Fed chief Jerome Powell appears to be a factor, reports CNBC.

• The Dow was down more than 930 points, or 2.3% after 11am. The benchmark S&P 500 was down 2.4%, and the tech-heavy Nasdaq was down 2.7%.
• The indexes opened in the red but hit session lows after Trump posted a new criticism of Powell on Truth Social demanding that the central bank cut interest rates. Trump complained that the economy could slow "unless Mr. Too Late, a major loser, lowers interest rates, NOW."

• The Wall Street Journal reports that what it calls the "Sell America" trade was picking up steam, with the dollar hitting new multiyear lows against foreign currencies including the euro.
• Investors are digesting "a fresh source of macro anxiety: Trump's threats to Fed independence," wrote Adam Crisafulli of Vital Knowledge, per CNBC. Last week, after Trump floated the idea of Powell's "termination," National Economic Council Director Kevin Hassett said the White House was studying the possibility of removing Powell.