Tuesday, 16 October, 2018

Trump says Federal Reserve ‘has gone crazy’ after big stock drop

Trump takes aim at 'crazy' Fed as markets sink following US slump Trump says Federal Reserve ‘has gone crazy’ after big stock drop
Laurie Berry | 11 October, 2018, 12:32

On Wednesday US President Donald Trump lambasted the US Federal Reserve once again, complaining that the Fed has gone "crazy", but the president also reversed tack and called the current stock market sell-off a "correction", one that the administration has been "waiting for".

Most Fed officials see a bit more tightening ahead for the Fed than Mr Evans indicated on Wednesday.

"No I think the Fed is making a mistake", he said.

He adds, "I think the Fed has gone insane".

Trump has repeatedly touted Wall Street records as proof of the success of his economic programme, including his confrontational trade strategy.

A stock market correction is defined as a decline of at least 10% from the high point of the past 52 weeks, suggesting that major United States indices have further to fall. "But I really disagree with what the fed is doing. OK?"

"Clearly stocks are spooked by higher rates and maybe some inflation that seems to be creeping in", said Michael Farr, CEO of Farr, Miller & Washington.

The rout in USA shares followed substantial losses on European bourses, due in part to tensions between Brussels and Rome over Italian budget plans that have revived fears about the eurozone.

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"There are a number of worries for investors right now, from the pace of rising bond yields and the impact on investor sentiment, to Italy's populist coalition playing a game of chicken with the European Commission, stalling Brexit negotiations and the ongoing trade conflict between the USA and China", said Craig Erlam, senior market analyst at Oanda trading group. Amazon and Microsoft lost 5% of their market value on Wednesday while Apple and Facebook shed 4%.

The US stock market sell-off last night saw the S&P 500 and the Dow marking their biggest daily declines since February 8 with technology stocks at the centre of the falls.

"The selling is not panicking but it's persistent", Briefing.com analyst Patrick O'Hare said of the proceedings. "It's all about investors rethinking their exposure to stocks".

Jasper Lawler, head of research at London Capital Group, offered this explanation: "The bloodbath for global equities comes as investors adjust to a world of higher USA interest rates and U.S. treasury yields". Trump has been publicly criticizing the Fed since July for interest-rate increases and declared he was "not happy" in September when the central bank raised rates for the third time this year.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates.

And while stocks could get a boost from strong corporate earnings, there are concerns the USA trade conflicts will start to undermine profits.

"Markets are not efficient and markets move in both directions and at times they overshoot in both directions", Mnuchin said early Thursday in an interview on the sidelines of the International Monetary Fund annual meetings in Bali, Indonesia.

"To say risk appetite has taken a hit would be an understatement!"

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