New York Stock Exchange Plummets Due to 'Powell Bashing'... Dollar Value Hits Lowest in 3 Years [Morning Briefing]

◆ New York Stock Exchange Plummets Due to Trump's 'Powell Bashing'... Dow Down 2.5%↓

Amid ongoing uncertainty over U.S. President Donald Trump's tariff policy, doubts about the independence of the U.S. Federal Reserve (Fed) and the status of the dollar have grown, causing the New York Stock Exchange to plummet on the 21st local time. The Dow Jones index closed at 38,170.41, down 2.48% from the previous session, the S&P 500 index fell 2.36% to 5,158.20, and the Nasdaq index dropped 2.55% to 15,870.90. On this day, President Trump pressured Jerome Powell, the chairman of the U.S. Federal Reserve, saying, "If the 'major failure' who is slow in decision-making does not lower interest rates, there will be an economic slowdown." Continuous criticism and pressure to resign have raised market doubts about the independence of the U.S. Federal Reserve.

◆ Dollar Value Hits Lowest in 3 Years... Global Funds Exit U.S.

The value of the dollar has fallen to its lowest level in three years. The dollar index, which reflects the value of the dollar against six major currencies on the ICE futures exchange, was 98.29 as of 3:27 p.m. Eastern time, down 1.1% from the previous trading day. The dollar index also lowered its low to 97.9 on this day, the lowest since March 2022. In particular, as dollar investment funds flocked to safe-haven currencies, the value of the dollar against the Swiss franc fell to 0.804 dollars, the lowest level in 10 years since January 2015. It is interpreted as the impact of growing investor concerns about the outlook for U.S. assets, leading to global funds exiting the U.S.

◆ Pope Francis' Will: "Bury Me in an Unadorned Underground Tomb"

Pope Francis, known for his frugal nature, is expected to be buried in an underground tomb of a Roman church. The Vatican revealed that Pope Francis left a will requesting to be buried in an unadorned tomb in the underground of the Basilica of Santa Maria Maggiore in Rome, not in St. Peter's Basilica in the Vatican. He requested, "I wish to rest in the Basilica of Santa Maria Maggiore," and emphasized that his tomb should be underground with only an inscription of his papal name without any special decorations. Most popes have been buried in St. Peter's Basilica after their death, making Pope Francis the first pope in 100 years to be buried outside the Vatican. The coffin for the pope has also been reduced from a triple coffin to a single wooden coffin.

◆ People's Power Party to Conduct First 'Cut-off' in Presidential Primary Today... Final Four Confirmed

The People's Power Party will conduct the first cut-off to select four candidates to advance to the presidential primary. The party's presidential primary election management committee will announce the four candidates advancing to the second primary around 7 p.m. today. The selection method for the second primary candidates is '100% public opinion survey,' with a sample survey conducted on 4,000 general citizens by five polling agencies, each surveying 800 people. Through this, the four candidates with the most support among the current eight candidates will advance to the second primary. Presidential candidates are expected to continue visiting policy sites today to appeal for last-minute support from party members and voters.

◆ Minimum Wage Deliberation for Next Year Begins Today... First Plenary Meeting Held

The deliberation by the Minimum Wage Commission to determine the minimum wage level for next year begins today. The Minimum Wage Commission will hold the first plenary meeting at 3 p.m. at the Government Complex Sejong. Chairman Lee In-jae of the Minimum Wage Commission will give a greeting, followed by remarks from labor, employer, and public interest members, and discussions on future meeting schedules. The labor sector is expected to demand a higher hourly wage than last year's request of 12,600 won. The business sector is likely to demand a freeze, as this year's minimum wage exceeded 10,000 won at 10,030 won. Differential application by industry, which has not been applied since 1988, is also expected to be requested.

◆ Heavy Rain Nationwide... Jeju and Southern Coast to Experience Torrential Downpour

On Tuesday, the 22nd, it will be mostly cloudy nationwide with heavy rain expected. The expected precipitation is 10-60mm in most areas, with more than 80mm in the southern coast of Gyeongsangnam-do and up to 120mm in Jeju Island. The morning low temperatures will range from 11 to 17 degrees, and the daytime high temperatures will range from 16 to 21 degrees. Additionally, strong winds with instantaneous speeds of around 55 km/h are expected in most areas nationwide. A strong wind advisory may be issued as winds blow very strongly at speeds of over 70 km/h, especially along the coasts of Jeollanam-do, Gyeongsangnam-do, and Jeju Island. Fine dust levels are expected to be good to moderate nationwide.

Oh Se-seong, Hankyung.com Reporter sesung@hankyung.com