🤜 Trump vs Powell

In partnership with

Good morning investors! Stocks fell again but Bitcoin appears to have people interested.

Today we cover:

• Trump vs. Fed

• Investors are leaving the US

• Recession proof your career

📊 Economy and News 

Trump’s Fed Attacks Rattle Markets as Dollar Hits Three-Year Low

Donald Trump has intensified his attacks on Federal Reserve Chairman Jerome Powell, demanding immediate rate cuts and even calling for Powell’s removal—a move that has shaken investor confidence and raised concerns about the central bank’s independence.

On Monday, Trump called Powell a “major loser” and repeated demands for “preemptive cuts,” warning of a slowing economy if rates aren’t lowered soon. These comments followed his earlier declaration that Powell’s “termination cannot come fast enough.”

The fallout was immediate. The U.S. dollar dropped to its lowest level in three years, while hitting a decade-low against the Swiss franc. The euro also climbed above $1.15. Markets are increasingly pricing in risk that political pressure could undermine the Fed’s policy decisions.

White House adviser Kevin Hassett confirmed the administration is exploring whether Trump can legally remove Powell, whose term runs through May 2026.

Meanwhile, Powell has pointed to Trump’s own tariffs as a reason for caution, saying they’re likely to cause at least a temporary rise in inflation. He signaled the Fed would wait for “greater clarity” before adjusting policy.

Analysts warn of serious risks. “If Powell is fired, we could see stagflation trades surge, long-term yields spike, the dollar plunge, and risk premiums soar—likely guaranteeing recession,” said Krishna Guha of Evercore ISI. “If you liked the tariff debacle, you’d love the loss-of-Fed-independence trade.”

This is affecting several sectors, including gold that hit another record going above $3,400. The shiny metal has been on a tear this year as Trump’s tariffs shake investor confidence and central banks buy up the precious metal.

Global hits:

• Russian central bank expected to keep key rate on hold at 21%.

• China retreats from US private equity investments.

• Beijing warns countries against colluding with US to restrict trade with China.

Good to know: Airbnb will now show total prices by default. On the other hand, Trump hosts Walmart and Target CEOs, Home Depot and Lowe’s execs for tariff meeting. Lastly, Court blocks DOGE access to sensitive personal data at Social Security Administration.

Sponsored by Finance Buzz

Pay No Interest Until Nearly 2027 AND Earn 5% Cash Back

Some credit cards can help you get out of debt faster with a 0% intro APR on balance transfers. Transfer your balance, pay it down interest-free, and save money. FinanceBuzz reviewed top cards and found the best options—one even offers 0% APR into 2027 + 5% cash back!

Learn How To Apply Now

📈 Stocks

S&P 500 5,158.20 (+%) (-2.36%)
DJIA 38,170.41 (+%) (-2.48%)
NASDAQ 15,870.90 (+%) (-2.55%)
BRENT CRUDE 66.26 (-2.42%)
* Prices as of Apr 22nd, 12:20 AM UTC

Tariffs, Tech, and Turbulence: Investors Turn Away from US Markets

Global markets are shifting as confidence in US exceptionalism fades under President Donald Trump’s trade agenda. Despite promises of a “golden age,” US stocks are losing appeal as tariffs and unpredictable policies rattle investors.

The S&P 500, down 10% this year is on pace for its worst month since 2022. Bank of America reports record numbers of fund managers pulling back from US stocks, with 73% saying US dominance has peaked.

Key triggers for this pivot include China’s AI advances with DeepSeek, Europe’s renewed defense spending, and Trump’s tariff chaos. Investment managers are increasingly balancing US holdings with European assets.

Meanwhile, gold prices have surged 27%, the US dollar is weakening, and concerns over a global recession grow. JPMorgan now sees a 60% chance of a downturn, as investors seek safer and more diverse global options.

With US policy now seen as a source of instability, many believe the S&P 500 is no longer the world’s default investment destination.

All eyes are set on big earnings that started last week with Netflix beating and continue this week with Tesla and Google.

Check this: Tesla shares fell nearly 6% on Monday ahead of its Q1 earnings report, as investors await clarity on CEO Elon Musk’s plans. The stock is down 44% year-to-date after its worst quarter since 2022. Elsewhere, Amazon has paused some data center lease commitments. Also, Google says DOJ’s proposal for breakup would harm U.S. in ‘global race with China’.

💵 Personal Finance

How to Recession-Proof Your Career in an Uncertain Job Market

With fears of a recession looming, many Americans are taking proactive steps to secure their finances and job stability. As spending patterns shift, some professions are proving more resilient than others—especially those tied to essential goods and services.

Jobs Closest to Essentials Offer the Most Stability

According to Cory Stahle, an economist at Indeed, roles linked to necessities like health care and groceries are the most recession-resistant. In health care, demand remains high for nurses, doctors, therapists, and surgeons—a trend that surged during the pandemic and hasn’t slowed.

Similarly, grocery and supply chain workers, including cashiers, stockers, and truck loaders, are critical to keeping basic goods available. “You might have to change the type of food you’re eating, but you’re still going to have basic needs,” Stahle says.

White-Collar Roles May Face More Risk

In contrast, some white-collar positions—particularly in software development and marketing—are more vulnerable. However, Stahle emphasizes that job security isn’t just about the role itself but the industry it’s in. For instance, a software developer at a hospital might be safer than one at a tech startup.

Job Growth Is Concentrated in Just a Few Sectors

The job market also varies widely by region and sector. According to Indeed, job postings in the South are up 20% from pre-pandemic levels, while the West and Northeast—home to many tech firms—have seen declines.

Three sectors—health care and social assistance, government, and leisure and hospitality—accounted for 75% of new jobs in 2024. Meanwhile, software development jobs have dropped by 33% compared to before the pandemic. Even federal government roles, once considered ultra-secure, are now at risk under the Trump administration’s budget cuts.

This uneven recovery has created what Stahle calls a “bifurcation” in the labor market. “If you average out the temperature of freezing cold water and boiling water, you get something in the middle,” he says. “But there’s obviously a big difference between freezing water and boiling water.”

Preparing for Uncertainty

For those in less stable roles, Stahle advises thinking long term. “A career isn’t something that happens over a year or two,” he says. “We need to be thinking in the longer term of decades.”

Workers should focus on building relevant skills—especially basic digital literacy like spreadsheet use and email communication—regardless of AI trends. While there’s no foolproof way to avoid layoffs, increasing your value to an employer can shorten the time between jobs if disruptions occur.

“Layoff-proofing your job may not be completely possible,” Stahle says, “but being able to build out your skills can go a long way.”

💰 Be a Better Investor

👩🏽‍⚖️ Legal Stuff
Nothing in this newsletter is financial advice. Always do your own research and think for yourself.

Want to reach about 100,000 investors? Advertise with Morning Download.