Monday, 22 October, 2018

After Stock Market Drop, President Trump Says Federal Reserve ‘Has Gone Crazy’

The Dow Jones Industrial Average plunged more than 800 points led by sharp declines in technology stocks RICHARD DREW APThe Dow Jones Industrial Average plunged more than 800 points led by sharp declines in technology stocks
Rhonda Young | 12 October, 2018, 01:56

But higher U.S. interest rates have also helped send emerging market currencies into a tailspin, as countries that borrowed heavily in dollars race to pay back debt.

The Fed has said strong economic performance in the United States means that the ultra-low rates put in place to spur economic activity after the 2008 financial crisis are no longer necessary. "I think the Fed has gone insane". The Fed was plowing ahead with rate increases, while investors were evidently skeptical that growth would be persistent enough to justify higher long-term rates.

President Donald Trump renewed his attacks on the U.S. central bank on Thursday, saying it was "too aggressive" in raising interest rates.

"The problem that I have is with the Fed".

White House officials, including Mr Trump, have dismissed the declines as standard corrections after a long run of rising share prices.

One former Treasury official said while Trump's comments are unusual, they don't appear to be changing the Fed's direction.

One dead as monstrous Hurricane Michael tears into Florida
As of Thursday morning, the storm was centered about 40 miles west-northwest of Columbia, South Carolina, and is headed northeast. Vincent Island, and the hurricane center warned everyone inside the relative calm of the eye not to venture outside.

Trump's criticisms mark a stunning departure from the practices of his recent predecessors.

The Fed traditionally remains outside the purview of the President, though Trump has at moments blurred the lines by commenting on Fed policy.

USA long-dated Treasury yields rose again in extension of a trend over the last few weeks fuelled by solid U.S. economic data that reinforced expectations of multiple interest rate hikes over the next 12 months. "No, I think the Fed is making a mistake".

"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "He is giving his opinion, and it's an informed opinion".

The S&P 500 was also down 3% while the tech-heavy Nasdaq (Frankfurt: 813516 - news) lost 4%. The S&P 500 remained near the lowest since July on Thursday morning, while the Nasdaq 100 rallied.

International Monetary Fund (IMF) managing director Christine Lagarde.

Dow industrials sink 831 points as tech stocks plunge
Big moves in interest rates tend to unsettle investors, and they can also push them to sell stocks and buy bonds instead. The Nasdaq composite , which has a large contingent of technology stocks , was 4.1 percent lower at 7,422.05.

"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".

"Part of President Trump's brand is he says what he thinks, but he respects the independence of the Fed and that's clear from his nominations", Hassett said at Council on Foreign Relations on Tuesday. The IMF projections don't take into account Trump's threat to expand the tariffs to effectively all of the more than $500 billion in goods the US bought from China past year.

Sears has closed hundreds of stores and sold several famous brands or put them on the block as it sees more customers abandon its stores.

The Fed is expected to raise interest rates at least three times in 2019, up from the two hikes that it forecasted in December.

But, crucially, the higher long-term interest rates don't seem to be driven by expectations that inflation will soar higher. The president is not dictating policy to the Fed.

Even the sharp rise in long-term bond yields that has spooked equity investors this week is a sign of an economy working more normally than it has since the financial crisis.

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