The S&P and Nasdaq both wrapped up the day at new record highs, while crypto markets caught fire as well—bitcoin climbed to a peak of $113,879 per coin. The market rally gave Trump a reason to puff his chest, claiming the United States is thriving under his leadership.
“Tech stocks, industrial stocks, & Nasdaq, hit all-time, record highs! Crypto, ‘through the roof,’” Trump wrote on the social media platform Truth Social. “Nvidia is up 47% since Trump tariffs. [The] USA is taking in hundreds of billions of dollars in tariffs. [The] country is now ‘back.’ A great credit! [The] Fed should rapidly lower rate[s] to reflect this strength. [The] USA should be at the ‘top of the list.’ No inflation,” he added.
Trump has repeatedly vented his frustration at the U.S. central bank this year, zeroing in on Federal Reserve Chair Jerome Powell. After applauding the market’s performance, he took another swipe at Powell—once again labeling him “Too Late.” In a separate Truth Social post published at 10:37 a.m., Trump wrote:
“‘Too Late’ DEMEANS THE GREAT CREDIT OF THE USA. We are now, again, the Number One Credit in the World! ‘Gigantic Comeback.’ The Fed Rate should be reflective of this. We should be at the top of the list!!! LOWER THE RATE!!!”
Trump has long reveled in tying market wins to his leadership, never missing a chance to shine his own coat when numbers hit new highs. Thursday was no different—stocks soared, bitcoin rallied, and Trump made sure everyone knew who he thought deserved the credit.
NVDA on July 10.
His simultaneous attacks on the Federal Reserve position it as the sole obstacle to even greater prosperity, deflecting potential blame. This narrative, consistently amplified through his preferred social media platform, leverages economic indicators as campaign tools, reinforcing his claim to singular credit for national success.
BTC/USD on July 10.
However, Powell doesn’t appear eager to play along with Trump’s game. Despite repeated jabs and mounting political pressure, the Fed chair has stuck to his own pace—unmoved by Trump’s swipes.
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