BofA update shows where active managers are putting money
Investing.com -- President Donald Trump has urged Federal Reserve Chairman Jerome Powell to lower interest rates.
In a post on Truth Social, Trump stated that the current period, characterized by declining energy prices, interest rates, inflation, and a 69% drop in egg prices, would be an ideal time for a rate cut.
He also highlighted the increase in jobs over the past two months, referring to it as a major victory for America.
Trump has consistently criticized Powell for his management of interest rates, suggesting that he is always "late" in making adjustments. His latest post on Truth Social reiterates this criticism, urging Powell to "stop playing politics" and cut interest rates.
Trump’s call for a rate cut comes as the stock market continues to experience significant declines.
The Dow Jones Industrial Average fell more than 1,400 points on Friday, which follows a drop of 1,679 points on Thursday.
The S&P 500 also declined, falling by 4% after a 4.8% decrease on Thursday, bringing it to more than 15% below its recent high.
The NASDAQ Composite, which includes many tech companies that do business with China and have manufacturing operations in the country, is 21% lower than its record close in December, marking a bear market in Wall Street terms.
These market declines came after China announced new tariffs on U.S. goods, leading to concerns that a global trade war could result in a recession.