CNN: U.S. Stocks Tumble Following Trump’s Social Media Post Attacking Fed Chair Powell

SANCHEZ following breaking news ░░░░░░░░ S stocks taking another ░░░░░░░░ today Investors are concerned ░░░░░░░░ continued tariff uncertainty and ░░░░░░░░ President Trump s ongoing ░░░░░░░░ to try to oust ░░░░░░░░ chairman Jerome Powell In ░░░░░░░░ social media post today ░░░░░░░░ called Powell a major ░░░░░░░░ and again pressured him ░░░░░░░░ lower interest rates We ░░░░░░░░ joined now by Joe ░░░░░░░░ He s the co ░░░░░░░░ of Bloomberg s Odd ░░░░░░░░ podcast Joe thanks for ░░░░░░░░ with us Let s ░░░░░░░░ on how markets have ░░░░░░░░ to this spat with ░░░░░░░░ WEISENTHAL Sure SANCHEZ You ░░░░░░░░ posed the question of ░░░░░░░░ Trump would get from ░░░░░░░░ him Isn t the ░░░░░░░░ that simply he would ░░░░░░░░ a Fed chair who ░░░░░░░░ do what he says ░░░░░░░░ more subservient Fed chair ░░░░░░░░ He might And that ░░░░░░░░ and that s probably ░░░░░░░░ he has in mind ░░░░░░░░ he were to go ░░░░░░░░ with firing him But ░░░░░░░░ point that I want ░░░░░░░░ make and the point ░░░░░░░░ I think maybe markets ░░░░░░░░ reflecting is okay you ░░░░░░░░ imagine Powell being replaced ░░░░░░░░ someone who is quicker ░░░░░░░░ lower rates at signs ░░░░░░░░ volatility or quicker to ░░░░░░░░ rates at times of ░░░░░░░░ slowdown But the investors ░░░░░░░░ markets their fear about ░░░░░░░░ their fear about the ░░░░░░░░ term inflation due to ░░░░░░░░ they re concerned about ░░░░░░░░ know sort of long ░░░░░░░░ rise in inflation expectations ░░░░░░░░ there s the risk ░░░░░░░░ there s the very ░░░░░░░░ possibility that even if ░░░░░░░░ got a Fed chair ░░░░░░░░ was willing to push ░░░░░░░░ and bear in mind ░░░░░░░░ s 12 members of ░░░░░░░░ FOMC so you can ░░░░░░░░ unilaterally push through lower ░░░░░░░░ even if you got ░░░░░░░░ Fed chair who was ░░░░░░░░ to immediately push through ░░░░░░░░ rates that might be ░░░░░░░░ as more inflationary And ░░░░░░░░ the market might think ░░░░░░░░ well now we have ░░░░░░░░ raise rates further and ░░░░░░░░ into the future And ░░░░░░░░ s how you get ░░░░░░░░ rates at the long ░░░░░░░░ And those rates at ░░░░░░░░ long end say a ░░░░░░░░ year yield that s ░░░░░░░░ your mortgage is priced ░░░░░░░░ of something like that ░░░░░░░░ even getting in like ░░░░░░░░ true lackey wouldn t ░░░░░░░░ stimulate the economy in ░░░░░░░░ the way that Trump ░░░░░░░░ imagining What it would ░░░░░░░░ though is weaken the ░░░░░░░░ that the U S ░░░░░░░░ an independent central bank ░░░░░░░░ is sort of like ░░░░░░░░ of the foundational elements ░░░░░░░░ global macroeconomic policy.”