U.S. stocks tumbled and bonds sold off Monday after President Donald Trump lobbed new insults at Federal Reserve Chair Jerome Powell, pressuring him to cut interest rates while markets are already contending with shocks from his tariff policy.

The S&P closed down 2.4%. Since its February highs, the index is now off 16%, approaching bear market territory of a 20% decline.

The tech-heavy Nasdaq fell more than 2.5%. The Dow Jones Industrial Average lost almost 1,000 points, or 2.5%. The yield of the 10-year U.S. Treasury note surged to 4.41%, its highest level in more than a week.

All three indexes are down more than 9% since Trump's April 2 "Liberation Day" tariffs announcement.

In a post on Truth Social at 9:41 a.m., Trump claimed that “preemptive cuts” were being called for “by many” now that the economy was facing what he described as “virtually No Inflation.” He didn’t say who has called for the pre-emptive cuts, which the Fed rarely performs.

Without the cuts, Trump said, the economy risks slowing, "unless Mr. Too Late, a major loser, lowers interest rates, NOW."

"Powell has always been 'To Late,' except when it came to the Election period when he lowered in order to help Sleepy Joe Biden, later Kamala, get elected. How did that work out?" The Fed most recently cut interest rates on Dec. 18, after Trump was re-elected.

Though Trump has long criticized Powell, whom he appointed during his first term, his complaints have ramped up in recent days amid a major market reaction to his tariffs shock.