President Donald Trump intensified his criticism of Federal Reserve Chair Jerome Powell on Monday, calling him a “major loser” and “Mr. Too Late” while demanding immediate “pre‑emptive cuts” to interest rates. Trump argued that there is “virtually no inflation” and warned that economic growth could slow unless the Fed acts quickly, raising fresh questions about the central bank’s independence. The verbal assault rattled financial markets. The ICE Dollar Index fell to 97.92, its weakest reading since March 2022, and the U.S. currency touched three‑year lows against major peers. U.S. equities also sank, with the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite each closing more than 2% lower on Monday, while Treasury yields climbed as investors shifted to haven assets. Selling pressure spilled into overseas markets on Tuesday, dragging European shares lower and pushing gold to a record high, as traders weighed the unprecedented prospect that the White House might try to remove the Fed chair before his term ends. Later on Tuesday, Trump tempered the speculation, telling reporters he had “no intention” of firing Powell but reiterated that “the Fed should lower the rate” and that he wants the chair to be “early or on time” rather than late in easing policy. White House Press Secretary Karoline Leavitt defended the president’s right to criticize the central bank and suggested the Fed’s decisions may be politically motivated. The episode underscores mounting tension between the White House and the Federal Reserve at a time when slowing growth and trade frictions are already clouding the outlook, leaving investors braced for further volatility until the policy rift is resolved.