Trump Attacks Fed, Wall Street Shudders, But Bitcoin Draws Strength
US financial markets experienced significant declines on April 21, with the S&P 500 dropping 2.3%, the Nasdaq losing 2.4%, and the Dow Jones falling nearly 1,000 points, down 2.4%. This turmoil was fueled by escalating tensions between President Trump and Federal Reserve Chairman Jerome Powell. Trump called for preemptive interest rate cuts, arguing that lower energy and food prices indicate no inflation, while criticizing Powell for inaction. Powell warned that Trump's tariffs could lead to stagflation, prompting Trump to demand Powell's removal. The US Dollar Index fell below 98, marking a three-year low and a 10% decline since early 2025. In contrast, cryptocurrency markets remained stable, with a total market capitalization of $2.74 trillion and Bitcoin reaching a four-week high of $88,428. Market experts anticipate the Fed will maintain current rates at its May 7 meeting, with only a 13% chance of a rate cut.
