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%.

The president said he has “no intention” of ousting Jerome H. Powell, the Fed chair, but the administration’s willingness to challenge norms regarding the central bank’s political independence is causing concern.