After the Bell: EXPLAINER – Trump and the bond market

MSN - 05:31
The reason the market tumbled was because US President Donald Trump did something very few heads of state do these days: he openly criticised the head of the Federal Reserve, Jerome Powell, whom he appointed in his previous term, and called for his head.

This past long weekend saw yet another precipitous decline in stock markets around the world, with the S&P 500, for example, tumbling over 2%. I think it’s worth pausing here and examining this more closely because this may be an inflection point.

The reason the market tumbled was because US President Donald Trump did something very few heads of state do these days: he openly criticised the head of the Federal Reserve, Jerome Powell, whom he appointed in his previous term, and called for his head. After months of absolutely promising that he would not fire Powell, Trump on Thursday, 17 April 2025, reversed course and said Powell’s “termination” couldn’t come soon enough. Such is the man.

The s...
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