President Donald Trump unleashed a fresh attack on Federal Reserve Chairman Jerome Powell as fears of a new recession hammered the U.S. stock market on Wednesday.
"THANK YOU to clueless Jay Powell and the Federal Reserve," the president wrote on Twitter. "Germany, and many others, are playing the game! CRAZY INVERTED YIELD CURVE! We should easily be reaping big Rewards & Gains, but the Fed is holding us back. We will Win!"
..Spread is way too much as other countries say THANK YOU to clueless Jay Powell and the Federal Reserve. Germany,… https://t.co/J6Zm3iXb78— Donald J. Trump (@Donald J. Trump)1565810465.0
The president has repeatedly slammed the man whom he appointed to chair the Federal Reserve and berated him for not cutting interest rates aggressively.
Trump's latest tantrum against the Fed came as the yield on ten-year U.S. Treasury bonds dipped below the year of two-year Treasury bonds for the first time since 2007. This is seen by many market observers as a warning sign about a possible recession in the near future, as it signals that investors are flooding cash into safe investments such as ten-year Treasury bonds.
Because of this, the Twitter hashtag #TrumpRecession quickly gained steam and shot to the top trending topic on the social media platform by Wednesday afternoon.