Wednesday, 12 December, 2018

Global stocks tumble after Trump 'crazy' Fed comment

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington Global stocks tumble after Trump 'crazy' Fed comment
Jean Garcia | 11 October, 2018, 10:00

President Trump said that the Federal Reserve has "gone crazy" on short-term interest rates, marking his latest swipe at policy makers in reaction to the stock market's tumble on Wednesday. "The Fed increasing rates to me was a sign that the economy was able to stand on its own two feet".

"Actually, it's a correction that we've been waiting for, for a long time", Trump said about the market selloff.

"I don't like it", Trump said Tuesday at the White House, referring to the Fed's rate hikes, the most recent of which was September 26.

As for whether Wednesday's overall market drop could signal an end to broader economic growth, Benedict says there won't necessarily be long-term affects if the markets can stabilize before the losses grow more severe.

The White House said Wednesday that the "fundamentals and future" of the US economy are "incredibly strong" despite the big losses in the stock market.

On Wednesday, the Dow fell 831 points, or 3.1 percent, to 25,598. An additional 1.5-percentage-point fall would confirm a correction for that index.

"The selling is not panicking but it's persistent", Briefing.com analyst Patrick O'Hare said of the proceedings.

Adams said investors have concerns about their future profitability, too, making technology stocks more volatile in the last few months.

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Stocks have sold off in recent days on worries about higher borrowing costs.

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.

Last week's jump in yields followed strong U.S. 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.

"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors.

Trump was briefed on the market turmoil earlier in the day, a White House official said.

Shares in European luxury companies also lost much of their shine as investors feared that any slowdown in global economic growth would translate into dwindling sales for high-end firms. The Nasdaq fell 315 points, or 4.1 percent, to 7,422.

In other markets, oil prices fell sharply on worries that Hurricane Michael, which is battering the USA state of Florida, will dent demand for gasoline and other petroleum products.

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