US stocks tumble 3pc

Major US stock indexes were down more than three per cent each and the dollar index slid to a three-year low on Monday as US President Donald Trump’s continued attacks on the Federal Reserve chair and the bank’s monetary policy rattled investors. Investors flocked to safe-haven assets including gold, which hit another record high, and the Swiss franc. Trump on Monday repeated his criticism of Fed Chair Jerome Powell and said the US economy could slow down unless interest rates are lowered immediately. White House economic adviser Kevin Hassett said on Friday, when many markets were closed, that Trump and his team would study the matter, when asked if firing Powell was an option. Trump had launched a scathing attack against Powell on Thursday.