On Monday morning, Trump again lashed out at Powell on his Truth Social, calling the Fed chair "a major loser" and demanding he lower interest rates "NOW." The stock market, which had begun to calm from tariff-induced panic, quickly plunged, with the S&P 500 closing down 2.3%.

On Thursday, Trump said Powell’s “termination cannot come fast enough,” blasting him for being “too late and wrong” on inflation. Markets tumbled that day in response, unsettling investors who relied on the cool-headed Powell to steer the economy independently from politics.