Trump says Federal Reserve ‘has gone crazy’ after big stock drop
Trump says Federal Reserve ‘has gone crazy’ after big stock drop
Markets across Asia region plunged due to weak investor sentiment
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.
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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In a statement, a lawyer for Evans said that she was disappointed by the district attorney's decision to "abandon" her client. They said they could not oppose the dismissal in light of information that they had learned while investigating the case.
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West, a long-time Trump supporter, also decried the allegedly widespread expectation that all black people should be Democrats. West, who collaborates with Adidas on its "Yeezy" line of footwear and apparel, had lunch with Trump in the Oval Office.
While Samsung confirmed that it would be bringing the A9 (2018) to India, it did not reveal any specific launch date. The first sensor is an ultra wide sensor with 120-degree field of view, f/2.4 aperture, and 8-megapixel resolution.
Russian and USA space officials said that the crew is heading for an emergency landing in Kazakhstan at an unspecified time. NASA and Roscosmos officials say they are launching an investigation into exactly what went wrong with the rocket and why.
The weather has already caused misery this week for Scots, with strong winds and rain causing disruption to the transport network. The latest Storm Callum weather forecast from Met Éireann has warned of a severe impact.
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The U.S. trade war with China has largely been brushed off by the markets, but the slide shows it may finally be taking a toll. The CAC 40 in France dropped 2.1 percent, Germany's DAX lost 2.2 percent and the FTSE 100 in London fell 1.3 percent.