Wednesday, 17 October, 2018

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

Stock markets Markets across Asia region plunged due to weak investor sentiment
Jean Garcia | 12 October, 2018, 00:13

"It's so tight. I think the Fed has gone insane", Trump told reporters as he arrived for a campaign rally ahead of the U.S. mid-term elections. "The Fed is going wild".

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies $110 billion of American products.

The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the U.S. economy would enjoy at least three more years of economic growth.

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses on Wednesday. As stocks go down, tech goes down more than the stock market, ' she said.

The Federal Reserve sets baseline interest rates for lending standards, which can have a massive effect on whether businesses expand or contract. The president is not dictating policy to the Fed.

He has frequently criticised the United States central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing".

"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.

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He added later, "The problem, in my opinion, is Treasury's and the Fed".

"I don't want to do it, but they have to come to the table".

The steep drop in Asia followed Wednesday's plunge in NY, with the Dow Jones dropping almost 830 points - the biggest fall since February - after Trump's latest criticism of the Federal Reserve.

U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017. Investors were on edge after a rout rolled through Asia on Thursday, driving China's benchmark to a four-year low and sending indexes in Japan, Korea and Australia plunging. "The fundamentals and future of the US economy remain incredibly strong", she said, pointing to a 50-year low in unemployment, tax cuts, reduced regulatory burdens, bigger paychecks, and new trade deals that have specifically benefitted farmers, ranchers, and manufacturers.

Interest rates are rising. The S&P 500 lost 94 points, or 3.3 percent, to 2,785.

Dramatic and sustained stock market declines can feed into that outlook through a "wealth effect" if they begin to erode household and business confidence, and prompt consumers and investors to curtail spending.

On Wednesday, the Dow fell 831 points, or 3.1 percent, to 25,598.

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