On Monday morning, Trump again lashed out at Powell on his Truth Social, calling the Fed chair "a major loser" and demanding he lower interest rates "NOW." The stock market, which had begun to calm from tariff-induced panic, quickly plunged, with the S&P 500 closing down 2.3%.

U.S. President Donald Trump on Wednesday appeared to suggest he knew more about interest rates than Federal Reserve Chairman Jerome Powell and that rates should be cut. "Mortgage rates are actually down slightly even though I have a guy in the Fed that I'm not a huge fan of,

President Donald Trump said Wednesday that Federal Reserve Chair Jerome Powell has kept interest rates too high and that he might call the central bank chief.