Trump calls stock sell-off a correction, says Fed ‘crazy’
Trump calls stock sell-off a correction, says Fed ‘crazy’
Dow Jones plunges 800 points as tech stocks tumble
11 October, 2018, 17:56
President Trump placed the blame on the Federal Reserve's interest rate hikes for driving a selloff in the stock market Wednesday, saying the central bank "has gone insane".
Trump, who has been critical of the central bank's interest rate increases, tells reporters after landing in Erie, Pennsylvania, that he thinks "the Fed is making a mistake".
Mr Trump said: "I like to see low interest rates".
"The fundamentals of the U.S. economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".
Bank of England Governor Mark Carney also joined in, saying "I think the sanest way to answer that question is to associate myself entirely with Lesetja's answer". "Actually, it's a correction that we've been waiting for for a long time". The problem I have is with the Fed.
The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday. "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all".
Last week's jump in yields followed strong United States data but many analysts have been anticipating a change in the dynamics in the bond market due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes.
USA presidents have rarely criticised the Fed in recent decades because its independence has been seen as important for economic stability.
Powell's goal is to extend the second-longest USA economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth. The central bank has hiked interest rates three times this year and expects to do so again in December.
"My assumption for the policy rate is that we can achieve our objective of keeping inflation to the 2 percent symmetric objective and the unemployment rate slowly rising back towards its sustainable rate with that stance of funds rate - but if we need more, we'll do more", he said.
"The fundamentals and future of the USA economy remain incredibly strong", press secretary Sarah Sanders said in a statement after the close.
Fed Chairman Jerome Powell is aiming to extend the second-longest USA economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth".
During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the US economy was strong. "It is doing well", Trump said.
Samantha Markle recently travelled to Kensington Palace and according to reports, she was hoping to see her half-sister Meghan . Since her visit, Markle has posted a series of tweets about the trip to London, including a reference to her palace visit.
Timberwolves coach Tom Thibodeau , who has personnel input, reportedly had been attempting to broker Butler's return to the team. The Jimmy Butler trade drama which has overtaken the 2018 National Basketball Association offseason was almost over last week.
As of around 8pm, Michael was about 20 miles southwest of Albany, Georgia, with winds of 100 mph, becoming a category 1 storm . It appeared to be so powerful that it was expected to remain a hurricane as it moved into Alabama and Georgia early Thursday.
Boy band BTS became the first Korean group to win an American Music Award , taking the trophy for favourite social artists . If you believe in equality for women, for people of colour, for the LGBTQ community.
CDC specialists will make the final determination as to whether the cases in Washington are AFM, state health officials said . This virus is transmitted from person to person and it can have severe effects of the brain and spinal cord of the system.
A couple of Butler's teammates were particularly vague when asked about Butler's level of participation in practice on Wednesday. The Timberwolves reportedly were close to making a trade with the Miami Heat during recent talks, but the deal fell apart.
US Secretary of State Mike Pompeo has called for Saudi Arabia to support an investigation into Khashoggi's disappearance. The Turkish government has claimed that Khashoggi was killed in the consulate , on the orders of the Saudi government.
Trump also gave her thoughts on #MeToo, which seemed to boil down to supporting women when their claims can be backed by evidence. Because sometimes the media goes too far and the way they portray some stories [that are] not correct.
Susana Martinez took office in January 2011. "You know, which group drew it", Trump said on the White House's South Lawn. They say it excludes scientists who downplay the effect of burning fossil fuels.
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The quad camera definitely looks interesting, but we'll have to wait and see how useful it is in real-world usage conditions. As for a release date, the Galaxy A9 will be releasing in select markets sometime in November.
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Porcello needed only 25 pitches to get through New York's lineup the first time and entered the fifth inning with only 40 pitches. Those hits came a night after Brock Holt and Rafael Devers helped the Red Sox roll to a 16-1 rout in Game 3.
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Kavanaugh is accompanied by his wife Ashley Kavanaugh, third from left, and children Margaret, second from left, and Liza. McConnell's remarks were viewed as a signal that he would be open to filling a potential Supreme Court vacancy in 2020.