Trump slams fed chair as major loser

US stocks and the dollar plunged again as President Donald Trump intensified his attacks on the head of the US central bank, calling him “a major loser” for not lowering interest rates. In a social media post, Trump urged Federal Reserve Chair Jerome Powell to cut interest rates to help boost the economy, claiming that Powell had consistently been too slow to respond to economic changes.

The S&P



500, which tracks 500 of the biggest US companies, fell roughly 2.4 per cent last night. It has lost roughly 12 per cent of its value since the start of the year. The Dow Jones Industrial Average dropped 2.5 per cent last night and has dropped about 10 per cent so far this year, while the Nasdaq fell more than 2.5 per cent and is down roughly 18 per cent since January.