Tuesday, 16 October, 2018

Trump calls stock sell-off a correction, says Fed ‘crazy’

The Dow took a beating Wednesday Dow Jones plunges 800 points as tech stocks tumble
Laurie Berry | 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.

Jose Mourinho's touchline comments may be investigated by lip reader
Los Blancos won an unprecedented three-straight Champions League titles during his reign, but fell short of a significant La Liga challenge in his final season.

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.

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