Federal Reserve Chairman Powell expressed a wait-and-see attitude towards President Trump's tariff offensive, dampening investor hopes. US stocks plummeted again, while US Treasury bonds and safe-haven assets like gold soared. Bitcoin remained stable at 84K, and according to Arkham's analysis, BlackRock bought $13 million worth of Bitcoin yesterday, continuing its two-day buying streak.
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TogglePowell's Remarks Dampen Investor Hopes
Federal Reserve Chairman Powell expressed a wait-and-see attitude towards President Trump's tariff offensive, dispelling hopes that he would quickly take action to reassure investors. Earlier, Nvidia reported that its H20 AI chips designed for the Chinese market would require special permits for future exports, leading to a $5.5 billion loss in this quarter's financial report and causing a significant drop in chip stocks.
(Nvidia H20 Chip Restricted from Exporting to China! Estimated Loss of $5.5 Billion, Dropped 6.3% After Hours)
Powell spoke at the Chicago Economic Club yesterday, warning that trade tensions could potentially disrupt the Federal Reserve's employment and inflation targets. When asked if he would intervene to rescue the market, Powell decisively answered "No,"
There are too many questions about the impact of Trump's policies. We don't yet know its scope, and we cannot make a wise decision unless we know.
US Stocks Plunge, Gold Reaches New High
Influenced by these remarks, US stocks plummeted again, while US Treasury bonds and safe-haven assets like gold soared.
As volatility increased, investors turned to safe-haven assets including gold, with gold prices rising above $3,340 per ounce, reaching a historic high. Due to intensifying trade tensions weakening confidence in world reserve currencies, the Swiss franc and Japanese yen rose, while the US dollar weakened.
Americans Rush to Stockpile, Retail Sales Grow Significantly
US retail sales grew by 1.4% in March, the highest in two years, as Americans began frantically consuming and purchasing various goods from cars to electronics before President Trump announced tariffs.
The World Trade Organization lowered this year's trade forecast, stating that trade volume will decline by 0.2% in 2025, nearly three percentage points lower than without new tariffs, which also put pressure on risk assets.
BlackRock Bought $13 Million in Bitcoin, Two Consecutive Days of Purchases
Bitcoin remained stable at 84K. According to Arkham's analysis, BlackRock bought $13 million worth of Bitcoin yesterday, continuing its two-day buying streak.
ARKHAM ALERT: BLACKROCK BUY
BLACKROCK JUST BOUGHT $13M $BTC
CURRENT BUY STREAK: 2 DAYS pic.twitter.com/Uz9HQa8T0A
— Arkham (@arkham) April 16, 2025
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