US stocks tumbled as President Donald Trump continued to verbally attack Jerome Powell over monetary policy, raising concern about the central bank’s independence. The dollar fell with long-dated Treasuries.

The S&P 500 Index fell 2.1% at 10:35 a.m. in New York, while the Nasdaq 100 Index was down almost 2.5%. Trump posted on his social media site that he favors “preemptive cuts” to interest rates and petulantly called the Fed chairman a “loser.” Trump economic advisers have said the president is reviewing whether he can remove Powell before Powell’s term ends next year.