Trump crash stonks
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Trump decided to threaten once again to fire Jeronme Powell, resulting in the trillion dollar+ loss du jour:
The “sell America” trade intensified on Monday.
President Trump’s threats to fire Federal Reserve Chair Jerome Powell exacerbated turmoil wrought by the administration’s trade restrictions and sent stocks plunging. Trump on Monday demanded lower interest rates in a post on social media, saying inflation is trending downward and the economy could slow “unless Mr. Too Late, a major loser, lowers interest rates, NOW.”
The Dow Jones Industrial Average dropped around 972 points, and is on pace for its worst April since 1932.
The Trump Depression, we might call this soon.
The dollar hit fresh multiyear lows against the euro and other major currencies. Yields on longer-term Treasurys, which rise when bond prices fall, climbed. Oil prices slid. Gold rose to a record.
Threats to Powell’s job marked a new source of uncertainty for investors, who said eroding confidence in the independence of the U.S. central bank could deal a significant blow to the value of stocks, bonds and the dollar. While Trump made similar threats against the Fed in his prior term, investors now worry that tariffs could rekindle pandemic-era inflation, requiring the central bank to keep rates higher, not lower.
Some worry that recent declines in stocks, bonds and the dollar—which have become known as the sell America trade—point to a shift in capital flows that undermines the U.S.’s longstanding primacy in global markets.
“It is concerning,” said Carol Schleif, chief market strategist at BMO Private Wealth, of the broad-based declines. “The bigger issue people are trying to assess: Is the bloom truly off the U.S. exceptionalism trade just in the short run, or is it going to be an intermediate or longer-term factor?”
The Dow industrials fell 2.5%, dropping to 38170. The S&P 500 lost 2.4%, while the Nasdaq Composite shed 2.6%.
However, the news is not all bad:
The past few months have been particularly punishing for Tesla, which fell about 5.8% Monday. Its shares have now erased all of their postelection gains and have plummeted 44% in 2025 so far. On Monday, Tesla dropped outside of the largest 10 U.S. companies by market value for the first time since June 2024.
Tragedy is when I cut my finger, comedy is when Elon Musk loses a shitload of money.
The larger problem with having a Moron-American as president is that while the obvious course of action would be to simply pull back and make it clear that Powell will fill out his term, Trump almost certainly believes that firing Powell would solve the market meltdown rather than exacerbating it. Anyway, congratulations again to the decisive group of voters who put Trump in office because he would be Good for the Economy.