Tuesday, 18 December, 2018

Trump Takes Swipe at Fed as Stocks Tumble

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington Trump Takes Swipe at Fed as Stocks Tumble
Rhonda Young | 11 October, 2018, 09:59

"That suggests the Fed will keep raising rates, and that's taking the wind out of the stocks that have done the most, particularly in the tech sector".

The Dow Jones industrial average dropped 3.1 percent, or 831 points, to land at 25,599.

The tech-rich Nasdaq Composite Index plummeted 4.1 percent to finish the session at 7,422.05, its worst fall in percentage terms since the surprise Brexit vote in June 2016.

Amazon lost 6.2 per cent and Netflix gave back 8.4 percent.

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"Yes, they're down, but they're definitely the best performers", Benedict said. The drop was widely attributed to concern over rising Treasury yields and Chinese spying on USA technology. It was at just 3.05 percent early last week. Instead, U.S. equity markets have kept going up.

Investors are leaning into safer stocks with steady dividends - utilities and consumer staples - and pulling out of the higher-paying, higher-risk stocks as other guideposts of growth, like the communication sector, tumbled.

Last week's jump in yields followed strong USA data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programs.

On Friday, federal data showed that the USA jobless rate fell to 3.7 percent in September, its lowest point since 1969. Economists generally agree that in order to prevent runaway inflation, the Federal Reserve can raise interest rates to restrain the money supply.

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On Wednesday US President Donald Trump lambasted the US Federal Reserve once again, complaining that the Fed has gone "crazy", but the president also reversed tack and called the current stock market sell-off a "correction", one that the administration has been "waiting for".

President Donald Trump tried to explain why the Dow Jones had a bad dip on Wednesday, and blamed the Federal Reserve Bank.

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

The central bank's preferred measure of inflation is roughly at policy makers' 2 percent objective, and Powell said last week that "the outlook of forecasters inside and outside the Fed is for more of the same".

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"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors. "But I really disagree with what the Fed is doing".

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