Trump latest: Gold hits new high, US dollar plunges after president attacks Powell

Independent UK - 22/04
The market shifts came after Trump claimed that the economy could slow unless Federal Reserve chair Jerome Powell immediately lowered interest rates
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Gold prices have hit a new record high after the value of the U.S dollar plunged following Donald Trump’s latest attack on the Federal Reserve Chair Jerome Powell.

Trump claimed on his Truth Social platform that the US economy could slow unless Powell immediately lowered interest rates.

The ICE U.S Dollar Index, which has fallen significantly since Trump’s inauguration in January, has now fallen nearly 10 percent this year, while gold reached a new record of $3,500 an ounce on Tuesday morning.

Trump has also previously threatened the central bank chair’s “termination” was coming soon, but the president does not have the power to fire him.

It comes as reports have emerged that Defense Secretary Pete Hegseth shared details of upcoming military strikes against the Houthis in Yemen in a second Signal chat.

That chat group included his own wife and brother, according to the New York Times. A White House spokesperson said no classified information was shared in the group.

Hegseth is set to appear on Fox & Friends on Tuesday morning when he will likely be asked about his latest scandal.

When could the Federal Reserve lower interest rates?

Donald Trump has been angry at Federal Reserve chair Jerome Powell for not lowering interest rates sooner, labelling him “Mr Too Late”.

It’s worth looking at what central banks do, foll...
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