Markets reel after Trump summons Powell to White House for first time

Markets reel after Trump summons Powell to White House for first time originally appeared on TheStreet.

The crypto market had a sharp reaction to President Donald Trump's meeting with the Federal Reserve Chair Jerome Powell at the White House on May 29.

Powell didn't discuss his expectations regarding monetary policy during the meeting, signaling no cuts to interest rates soon.

The crypto market was in the red after the announcement, as its market cap stood at $3.38 trillion at the time of writing.

Bitcoin, which hit an all-time high (ATH) of $111,970.17 exactly a week ago on May 22, was trading at $106,749.40 at press time as per Kraken, down 0.2% in an hour.

Ethereum, on the other hand, rose a modest 0.04% within an hour to trade at $2,650.82 at press time. Nearly all the other leading cryptocurrencies reflected a decline in their values within an hour.

During the meeting with the president, the Fed chair stressed that the central bank's monetary policy will entirely depend on incoming economic information.

The Federal Open Market Committee (FOMC) team will steer the policy to drive maximum employment and price stability, and such decisions will "solely" be based on "careful, objective, and non-political" analysis, Powell told the president.

Trump has repeatedly warned "too slow" Powell to slash interest rates so that the markets can have a field day. Despite the president's warnings to even fire him, though later withdrawn, Powell has held his ground and not indicated any rate cuts soon.

As the crypto market has become entangled with the traditional markets, every Fed move finds a reaction, and today was no exception. The disappointment was reflected in the red marks on the crypto market charts.

Markets reel after Trump summons Powell to White House for first time first appeared on TheStreet on May 29, 2025

This story was originally reported by TheStreet on May 29, 2025, where it first appeared.

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