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President Donald Trump’s attacks on the Federal Reserve spooked the stock market on Christmas Eve, and efforts by his Treasury secretary to calm investors’ fears only seemed to make matters worse, contributing to another day of heavy losses on Wall Street.

The major stock indexes fell more than 2 per cent Monday, nudging the market closer to its worst year since 2008. Stocks are also on track for their worst December since 1931, during the depths of the Great Depression.

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The market has been roiled for most of the month over concerns about a slowing global economy, the escalating trade dispute with China and another interest rate increase by the Federal Reserve.

The past two trading days, however, have been dominated by something else: major losses following tweets from the president criticizing Fed Chairman Jerome Powell and the central bank.

Trump’s Monday morning tweet heightened fears about the economy being destabilized by a president who wants control over the Fed.