US Fed Reserve Chairman’s first speech since Trump’s tariffs

Federal Reserve Chair Jerome Powell delivered his first remarks since the introduction of tariffs by President Trump, sparking a swift and sharp market reaction. His assertion that markets are “functioning just as you would expect” and his firm denial of a so-called “Fed Put” rattled investor confidence.

With the longest bull market now on shaky ground, Powell’s message marked a clear departure from expectations of central bank support during volatility. Stocks tumbled—led by tech and consumer sectors—and the US dollar resumed its decline. Even strong March retail sales were overshadowed by fears of consumer stockpiling amid economic uncertainty.