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Global Markets Rattle as Trump Targets Fed Chair Powell

President Trump's public criticism of Jerome Powell and exploration of legal means to remove him deepen concerns over Federal Reserve independence and U.S. economic stability.

Currency traders work near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won, top center, at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 21, 2025. (AP Photo/Ahn Young-joon)
U.S. dollar banknotes are seen in this illustration taken March 10, 2023. REUTERS/Dado Ruvic/Illustration
A currency trader works near a screen showing the Korea Composite Stock Price Index (KOSPI), top left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Monday, April 21, 2025. (AP Photo/Ahn Young-joon)
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Overview

  • President Trump has intensified his criticism of Federal Reserve Chair Jerome Powell, stating his removal 'cannot come fast enough' and prompting his team to study legal options for dismissal.
  • The dollar has plunged to a three-year low against the euro and hit multi-year lows against the yen and Swiss franc, reflecting eroding confidence in U.S. economic policy.
  • Asian equities and U.S. stock futures have fallen sharply, driven by uncertainty over Federal Reserve autonomy and ongoing trade tensions, particularly with China.
  • Gold prices surged to a record high of $3,370.17 per ounce, as investors seek safe-haven assets amid declining faith in U.S. financial stability.
  • Federal Reserve officials, including Chicago Fed President Austan Goolsbee, have warned against political interference, emphasizing the importance of central bank independence for economic stability.