Trump Slams Fed as Bitcoin Hits 4-Week High
Key Takeaways
- Donald Trump publicly criticizes Fed Chair Jerome Powell and calls for immediate interest rate cuts.
- U.S. stock markets react negatively: S&P 500, Nasdaq, and Dow Jones post significant losses.
- Bitcoin defies the downward trend and reaches a four-week high of $88,500 USD.
- Debate over Trump possibly firing Powell sparks uncertainty in the markets.
- Experts anticipate multiple Fed rate cuts in 2025 despite Powell’s resistance.
Trump’s Pressure on the U.S. Federal Reserve
On April 21, Donald Trump escalated his criticism of Jerome Powell, the Chair of the U.S. Federal Reserve. In a post on the platform Truth Social, Trump called Powell a “major loser” and demanded an immediate rate cut. He argued that prices were already falling, eliminating any inflation threat. Instead, he warned of an economic slowdown if the Fed failed to act swiftly.
Market Reaction
U.S. stock markets responded strongly to Trump’s statements. The S&P 500 dropped by 2.4%, the Nasdaq fell 2.5%, and the Dow Jones declined by nearly 1,000 points. Overall, the S&P 500 is now down more than 12% year-to-date, while the Nasdaq has fallen nearly 18%. Technology stocks are under particular pressure.
Bitcoin Shows Strength
In contrast to traditional markets, the crypto market held firm. On April 22, Bitcoin (BTC) reached a four-week high of $88,500 USD. The price rose 0.75% in 24 hours to $88,175 USD. The total crypto market capitalization stood at approximately $2.75 trillion USD. Bitcoin continues to demonstrate stability in a volatile environment.
Sentiment Shift in the Crypto Market
The Crypto Fear and Greed Index, a measure of market sentiment, recently stood at 31 points (“extreme fear”), but has now increased to 47 — indicating a more neutral investor outlook. However, overall market sentiment has remained cautious since February.
Can Trump Fire Powell?
Trump’s harsh remarks have sparked speculation: Can a sitting president remove the Fed Chair before the end of their term? According to Jerome Powell, this is not legally permissible. His term runs until May 2026. Should Trump attempt to dismiss Powell, experts expect significant market reactions. Krishna Guha, Vice Chairman of Evercore ISI, warns of a loss of confidence in the Fed’s independence. This could lead to rising bond yields, a weaker U.S. dollar, and falling stock prices.
Interest Rate Policy: What Are the Markets Expecting?
Despite Powell’s resistance, many analysts expect multiple rate cuts in 2025. Citigroup forecasts the first cut as early as June, with a total of 125 basis points by year-end. However, the outlook is heavily dependent on economic conditions and political pressure.
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Our Assessment
Trump’s public attacks on Jerome Powell increase uncertainty in financial markets. While equities are under pressure, Bitcoin remains resilient. This suggests growing confidence in cryptocurrencies as an alternative investment vehicle. The debate over the Fed’s independence could have far-reaching consequences — both for monetary policy and market trust. As an investor, it’s important to closely monitor political developments and remain flexible in response to changes. In this environment, Bitcoin continues to be an intriguing store of value that could benefit from macroeconomic tensions.
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