US President Donald Trump's fresh attack on Federal Reserve Chair Jerome Powell's leadership triggered massive selloffs in equities, the US dollar, and Treasurys. Investors are concerned that Trump's repeated hints of plans to oust Powell are undermining the Fed's independence.
Trump has criticised Powell for not lowering interest rates despite declining oil prices and easing inflation concerns. In a recent Truth Social post, he said Powell is 'always too late and wrong, and his termination cannot come fast enough.'
