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The 11th Hour with Stephanie Ruhle

Stocks dip as Trump threatens Fed chair Powell

The 11th Hour with Stephanie Ruhle

NBC News

Politics, Washington, News, President, Policy, Government, Senate, Congress, Msnbc

4.53.6K Ratings

🗓️ 22 April 2025

⏱️ 42 minutes

🧾️ Download transcript

Summary

Stocks drop again as President Trump continues to target Federal Reserve chair Jerome Powell. And Pete Hegseth reportedly shared war plans in a second Signal chat. Plus, a look at the legacy of the late Pope Francis and the future of the Catholic Church. Tyler Pager, Susan Glasser, David Drucker, Ron Insana, Charlotte Howard, Jonathan V. Last, and Jon Meacham join The 11th Hour this Monday.

Transcript

Click on a timestamp to play from that location

0:00.0

Tonight, stocks plunge again as President Trump ramps up his attacks on Fed Chair Jerome Powell,

0:07.0

how the chaos in the White House is impacting all corners of the economy.

0:12.0

Then new reporting on Defense Secretary Pete Hegseth sharing war plans in another group chat.

0:18.0

Plus, remembering Pope Francis, a look back on the life and legacy of the

0:23.0

people's vote as the 11th hour gets underway on this Monday night.

0:32.2

Good evening, once again. I am Stephanie Ruhl, and it is day 92 of the second Trump administration.

0:38.9

Yes, that's a deep breath.

0:40.3

And we're going to start tonight with money, power politics, of course.

0:43.3

Today, the president injected the economy with a fresh round of worry, and he did it with

0:48.7

one single post on social media.

0:50.9

The president, again, attacked Fed chair, Jerome Powell, calling him a major loser and said

0:56.9

that if Powell does not lower interest rates, the economy could slow. That sent markets reeling,

1:02.7

the Dow, S&P, and NASDAQ all lost about two and a half percent, and it is not just the stock market.

1:08.1

Today, the dollar sank to its lowest level since 2022, which is a

1:12.1

very concerning sign for how global investors see the United States right now. Remember,

1:17.4

it was just three days ago that the president's economic advisor, Kevin Hass, had said

1:22.1

they were studying whether or not they could fire Powell from the Fed, despite warnings that it could unleash more

1:28.7

economic chaos. And as we near the president's 100-day mark in office, I want to just take a look

1:34.7

at where we are economically. Humor me. As I said, stocks are down. The dollar is down, and bond

1:41.4

yields are rising. I want you to understand that this trifecta is highly unusual.

1:47.0

If you look at any historical crisis, when there is panic in stocks, global investors rush to buy

1:53.0

the safest assets, that is treasury bonds, the U.S. dollar, which results in the price of the

...

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