Fed Under Fire: Wall Street Reacts to Administration's Moves

Wall Street futures dipped amid renewed criticisms of the Federal Reserve by the Trump administration. The central bank's independence is under scrutiny after threats to indict Fed Chair Powell. Simultaneously, a proposal to cap credit card interest rates impacted financial stocks.

Wall Street experienced a downturn as futures slipped on Monday, influenced by the Trump administration's intensified criticism of the Federal Reserve. Concerns about the central bank's autonomy emerged following threats of legal action against Fed Chair Jerome Powell regarding a Congressional testimony on a renovation initiative.

President Donald Trump continued to push for significant reductions in interest rates, a stance he has maintained since 2025. Financial stocks were hit as Trump proposed a one-year cap on credit card interest rates, leading to a decline in major corporations like Citigroup, JPMorgan Chase, and Bank of America.

Amid this turmoil, gold prices soared, driving shares of mining companies upward. The market's focus has shifted to Tuesday's U.S. inflation report, which could guide the Fed's future policies. Meanwhile, geopolitical tensions persisted as Trump signaled potential military responses to Iran's handling of protests.

(With inputs from agencies.)