US stocks end in the red as Trump steps up criticism of Fed chair

By Gokhan Ergocun

ISTANBUL (AA) – US stocks ended sharply lower Monday as President Donald Trump doubled down on his criticism of Federal Reserve Chairman Jerome Powell.

Markets turned negative amid concerns over the independence of the Fed as uncertainty arising from the protectionist trade policy pursued by Trump continued.

Trump said on his Truth Social platform that the US economy may slow unless "Mr. Too Late, a major loser, lowers interest rates," referring to Powell.

"Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected," he added.

Last week, he also criticized Powell for being “late” in lowering rates.

Trump's increasing criticism of Powell has raised concerns about the central bank's independence.

Despite the president’s repeated calls for lower interest rates, Fed officials signaled that they would follow a cautious approach, pointing to increased uncertainties due to tariffs.

At the close, the Dow Jones Industrial Average was down 971.82 points, or 2.48%, at 38,170.41.

The S&P 500 index fell 124.50 points, or 2.36%, to 5,158.20 and the Nasdaq Composite index fell 415.55 points, or 2.55%, to 15,870.90.