CNN interrupted their regular coverage yesterday, April 21, just as the US stock markets were closing, to report a major mistake made by Donald Trump. The stock market had taken a huge hit throughout the day, with the Dow Jones dropping nearly 1,000 points by the time trading ended. CNN anchor Kasie Hunt gave the update, while a breaking news banner ran on the screen reading: “Any moment: Closing bell amid steep new losses on Wall Street.”
Kasie explained to viewers that the market crash seemed to be partly triggered by Trump’s continued attacks on the Federal Reserve Chairman, Jerome Powell. She then went live to CNN’s White House reporter Jeff Zeleny to provide more details.
Jeff said this kind of market reaction has become common: every time Trump criticizes Powell or suggests firing him, the markets take a hit. He pointed out that Trump had posted a message just ten minutes after the markets opened, blaming Powell for a possible slowdown in the economy. In that post, Trump mocked Powell by calling him “Mr. Too Late” and a “major loser,” and claimed Powell’s actions had helped Biden and Kamala Harris win the election.
Jeff also shared what a top New York investor had told him — that investors are very focused on the idea that Powell could be fired, which is adding to market instability. While Powell is supposed to be independent and not easily removed by the president, Trump continues to insist that he could remove him whenever he wants.
There’s still a lot of internal debate within Trump’s team about Powell’s future, and every time Trump talks about him, the markets react badly. Many experts see this as a mistake that could’ve been avoided. Ironically, Powell was appointed by Trump himself during his first term in office.
