Trump’s Push Against Powell Adds to Doubts of US’s Haven Status

The sell-America trade gathered momentum on Monday on concern President Donald Trump will act upon his threat of firing Federal Reserve Chairman Jerome Powell and implement policies that lead to a recession.

The dollar and US stocks slid in thinner-than-normal, post-holiday trading. Treasuries were mixed, with the long-end falling and shorter-dated maturities rallying. Investors are grappling with the risk of Powell’s dismissal, which the White House said last week it was assessing, and the implications of President Trump’s policies on the world’s largest economy.

“At a moment in which the administration has already instilled ever-higher levels of uncertainty into the ...