Friday, 14 December, 2018

Global stocks tumble after Trump 'crazy' Fed comment

BP_Donald I don't like Fed raising interest rates so quickly, says Trump
Rhonda Young | 11 October, 2018, 15:56

President Donald Trump reportedly said the Federal Reserve "has gone crazy" by raising interest rates, continuing his criticism of the central bank's path on monetary policy.

"I think the Fed is making a mistake", Trump told reporters as he arrived for a campaign rally ahead of the U.S. mid-term elections. "I think the Fed has gone insane".

After the Nasdaq Composite index and the Dow Jones dropped more than 4% and 800 points respectively on Wednesday, Trump said "it's a correction that we've been waiting for for a long time".

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

Samsung Galaxy A9 phone has four cameras on it
Samsung's quad-camera smartphone is capable of taking ultra-wide, 120-degree panoramic shots and also boasts 2x optical zoom. Security-wise, the device comes with a fingerprint scanner at the back as well as face recognition.

The tech sector was hit hardest, with Amazon, Apple, Facebook and Netflix all in the red. The 10 year U.S. Treasury, a key benchmark for rates, has been spiking and is now at 3.2 percent, one of its highest levels since just after the Great Recession.

"I think we don't have to go as fast", the president said.

The Dow Jones Industrial Average plummeted 832 points on Wednesday, recording its largest single-day point drop since February.

The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August. "It's all about investors rethinking their exposure to stocks". Officials expect to hike rates another quarter percentage-point by the end of this year and gradually continue to raise rates at least through 2019.

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"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement. The Fed has predicted that unemployment will remain below 4 percent through 2020 and inflation is expected to track around 2 percent, conditions that Federal Reserve chief Jerome Powell called "remarkably positive".

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy. "The Fed increasing rates to me was a sign that the economy was able to stand on its own two feet".

The US slump, which amounted to a market value loss of over £800bn, had followed falls across much of Europe.

The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the USA economy would enjoy at least three more years of economic growth. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.

U.S. stocks plunge further, Dow drops 830 points
All 30 of the Dow's stocks were in the red and it fell below 26,000 total points for the first time in a month, CNN reported . The 10-year Treasury note yield traded around 3.23 percent, while the two-year yield reached its highest mark since 2008.

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