Stock market continues to dive after Trump tirade against 'major loser' Fed Chairman Jerome Powell



President Donald Trump excoriated Jerome Powell, the chairman of the U.S. Federal Reserve, and the stock market responded by continuing to shed value.

The market has lost trillions of dollars in value since Trump commenced his plan to issue massive tariffs to raise revenues and lower the trade deficit with U.S. trading partners.

'There can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW.'

On Thursday, Trump accused Powell of waiting too long to lower interest rates at the Fed, and he continued his attack on Monday.

“'Preemptive Cuts' in Interest Rates are being called for by many. With Energy Costs way down, food prices (including Biden’s egg disaster!) substantially lower, and most other 'things' trending down, there is virtually No Inflation," said Trump on social media.

"With these costs trending so nicely downward, just what I predicted they would do, there can almost be no inflation, but there can be a SLOWING of the economy unless Mr. Too Late, a major loser, lowers interest rates, NOW," he continued. "Europe has already 'lowered' seven times. 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. How did that work out?"

After his comments, the S&P 500 index dropped by 3% for a total drop of 12% since the start of the year. The Dow Jones Industrial Average has lost about 10%, while the Nasdaq has fallen by 18%.

Powell had said in remarks at the Economic Club of Chicago that he believed the economy was very strong but that the future was cloudy because of volatility caused by the president's sudden and large-scale tariff policies.

Trump had previously suggested that Powell would soon be terminated from the position. Powell has previously said that the president cannot legally fire the chair of the Federal Reserve, and he reiterated that position Thursday.

"Generally speaking, Fed independence is very widely understood and supported in Washington, in Congress, where it really matters," Powell said.

"We’re never going to be influenced by any political pressure," said Powell. "People can say whatever they want. ... That’s not a problem, but we will do what we do strictly without consideration of political or any other extraneous factors.”

In June 2022, Powell said the Fed's goal was to slowly ease the pain of inflation, which was at 8% at the time, down to the more manageable level of 2%.

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China announces 34% retaliatory tariff on US while South Korea, UK, Japan, and others seek deals with Trump



President Donald Trump's plan to reorganize the global economy is coming into focus after China announces retaliatory tariffs while other countries seek trade deals with the president.

Authorities in Beijing said a new 34% tariff on imports from the U.S. would begin on April 10 after Trump announced his reciprocal tariff on Chinese products. Trump responded by mocking China in a post on Truth Social Friday morning.

'THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE.'

"CHINA PLAYED IT WRONG, THEY PANICKED - THE ONE THING THEY CANNOT AFFORD TO DO!" he replied.

Other countries have responded by seeking a deal with Trump on trade. The president said that Vietnamese officials had agreed to do away with all tariffs, which is what Trump was seeking.

"Just had a very productive call with To Lam, General Secretary of the Communist Party of Vietnam, who told me that Vietnam wants to cut their Tariffs down to ZERO if they are able to make an agreement with the U.S.," he wrote.

The United Kingdom responded by drawing up a list of possible U.S. imports to be hit with retaliatory tariffs if the U.K. was unable to reach a deal with Trump by May 1. Business Secretary Jonathan Reynolds told reporters the country "reserves the right to take any action we deem necessary if a deal is not secured."

Japanese Prime Minister Shigeru Ishiba told reporters he was very disappointed that the U.S. did not grant Japan an exemption from tariffs. He would not say if Japan was considering retaliatory tariffs but added that the country's reaction would be "careful but bold."

Israel has announced that it would be lifting all tariffs on the U.S. to "further strengthen the alliance" between the two nations.

India also reportedly considered dropping all tariffs, though the prime minister did not mention any plan during a recent speech.

Mexican President Claudia Sheinbaum has been very critical of the tariff plan and warned that both the U.S. and Mexico would lose jobs and prices would increase under Trump's policies. She has since said Mexico will not respond with equally retaliatory tariffs but hasn't ruled out some tariff response.

The stock market has been decidedly negative on the tariff plan — the ongoing crash has led to a loss of more than $9.6 trillion in market value since Trump was inaugurated.

On Thursday, Trump posted that his plan had been a success.

"THE OPERATION IS OVER! THE PATIENT LIVED, AND IS HEALING. THE PROGNOSIS IS THAT THE PATIENT WILL BE FAR STRONGER, BIGGER, BETTER, AND MORE RESILIENT THAN EVER BEFORE. MAKE AMERICA GREAT AGAIN!!!" he wrote.

Some in Congress are seeking to retrieve the tariff power from the executive, but it is unlikely that they would have the support to override a presidential veto.

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Stock market CRASH: What does Warren Buffett know that we don't??



Americans woke up on Monday morning to a stock market plunge after a bad day on Friday. The Dow plummeted hundreds of points, Warren Buffett is selling stocks like crazy, and to top it all off, Japan’s stock market had its worst day since 1987’s Black Monday.

Glenn Beck is understandably worried.

“Friday, we had a bad jobs report. We’re still not in a recession; indicators are showing that we’re headed towards one, but the indicators have been wrong before. We are headed towards one; we’re headed for a depression at some point,” Glenn Beck warns.

Glenn is concerned about what this might mean for ordinary Americans and the United States economy and consults financial expert Carol Roth for some advice.

Roth explains that while the Fed did not lower rates, it might be on the table in September.

“Normally, you would say, ‘Okay, the market wants the Fed to cut rates,’ but what happened is then we got a weak job report on Friday, and while sometimes the bad news can be good news for the market, in this case, they took it as bad news,” Roth tells Glenn.

“The Fed was behind the curve in terms of lowering rates,” Roth continues. “They felt like maybe this whole idea of a quote ‘soft landing,’ the idea that you can get the inflation down without wrecking the economy, is off the table.”

However, while it doesn’t look good, Roth says that “if there is any silver lining here,” it’s that the market did not open back up and continue to fall.

But there are still major indicators that something strange is going on, and one of them is Warren Buffett’s recent behavior.

“Another catalyst that we’ve seen is Warren Buffett,” Roth says. “He had lessened his position in Apple by about 49%.”

“That’s not lessening. That’s cutting it in half,” Glenn says. “He’s making some of the biggest sales he’s ever made. It’s almost as if he’s becoming bullish on America. What does he know that we don’t know?”

“Starting in 2019, he doubled down on Japan. So he has five really big companies and really big positions in Japan. So the day that we’re talking about Japan going down and at the same time the U.S. is going down,” Roth says. “It is interesting.”


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Carol Roth explains Wall Street crash: 'We can still take some comfort'



Yesterday saw a massive plunge in the Dow Jones and Nasdaq indexes, sparking a global selling frenzy and leading Americans to ask the dreaded question: Is the United States headed into a recession?

Recovering investment banker and author of “You Will Own Nothing,” Carol Roth joins Jill Savage and the “Blaze News Tonight” panel to shed light on the situation.

'Fears of Recession': Trump Blames Bidenomics for the Wall Street CRASH | 8/5/2024youtu.be

According to Roth, what is commonly referred to as the "Magnificent Seven” stocks – Apple, Microsoft, Google parent Alphabet, Amazon, Nvidia, META, and Tesla – “have really been carrying the stock market for the last couple of years, gaining incredible amounts of value at least on paper.”

Then, “Over the past few weeks, there started to be some cracks, I think, that investors realized — that their valuations had gotten a little bit frothy [and] that companies were going to actually have to spend a ton of money in order for their AI dreams to come true,” says Roth, “so we started to see a pullback on that.”

Then the “pullback” Roth mentions was “accelerated ... last Wednesday when the Federal Reserve Chairman Jerome Powell said that he wasn't planning to cut rates at this particular meeting, although still leaving on the table of September as a cut.”

“Then Friday came along, and we got a really ugly jobs report, so that triggered a recessionary indicator,” she explains, adding that there were also “some concerns that maybe the economy wasn't as strong as the Fed had been projecting and that they may be behind the curve when it comes to cutting rates.”

“So already we were seeing trillions of value being lost from the stock market because of this. Then we have the Middle East escalation over the weekend, and then we have Japan,” Roth tells Jill.

“In Japan, they have sort of the opposite situation happening that we have here. They had their rates at a negative level or zero for about 17 years, and finally they decided about four months ago they're going to try to normalize,” says Roth. “This Wednesday they decided to hike their rates and that created some issues and some strength with the yen and in doing so created ... sort of an unwinding of various trades that ended up creating a contagion that spilled over into the U.S. market.”

“Fortunately, our contagion, even though it was not a pretty day, was not nearly as bad [as Japan], and the good news is that this is really a breather in the market.”

“You still have the Nasdaq up about 29% for the last 52 weeks, the S&P 500 up about 26%, so while it is an ugly day, and we do need to take in sort of the totality of what's going on, we can still take some comfort that we were able to only have a few percentage points lost in terms of the contagion.”

“Mysteriously this morning, millions of people weren't able to trade at all. ... Are we normalizing this? What is going on here?” asks Blaze Media’s editor in chief Matthew Peterson.

To see Roth’s answer, watch the episode above.

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Stock market crashes in worst day since pandemic over fears of a recession



The stock market crashed in the worst day since the pandemic outbreak in 2020 over fears that the economy was heading into a recession after several companies reported weak earnings.

The Dow Jones industrial average lost 1,136 points, or 3.5%, while the S&P 500 dropped by 4% and the Nasdaq composite fell by 4.6%.

Wednesday's losses added to investors' woes over a month of declining values.

Quincy Krosby, chief equity strategist at LPL Financial, explained that earnings from retail companies set off the market collapse.

“Today’s broad-based market selloff concerns the ability of companies to pass along higher costs, something that was questioned but which found somewhat of an answer with the retailer’s earnings reports,” wrote Krosby.

“To be sure, consumers continue to spend, but many of the top retailers are unable to pass along the higher labor costs and higher prices wrought by a still constrained supply chain," he added.

Among those were Target, which reported lower earnings despite having an increase of sales because inflation had made its expenses grow at a larger rate. Target's stock dropped by more than a quarter as a result.

"Higher costs coupled with more cautious consumers have the market worrying about the prospect of a recession," Krosby added.

The market also appeared to respond to comments from Federal Reserve Chairman Jerome Powell on Tuesday that the Fed was willing to hike up interest rates even more in order to battle inflation.

On Monday, a Morgan Stanley analysis said that the "excessive" fiscal stimulus spending from the Biden administration was to blame for "turbocharged" consumption and surging inflation.

"In other words, we created too much demand for the supply chains to handle. The fact that the supply chains had been impaired to some degree only exacerbated the shortages and inflation, especially for consumer goods," the analysis read.

Voters said in a recent poll that they blame Biden's policies for inflation more than any other cause, including the invasion of Ukraine, the pandemic, and supposed corporate greed.

Here's more about the stock market crash:

Retailer Target's woes renews inflation fearswww.youtube.com