I don't like Fed raising interest rates so quickly, says Trump
11 Octubre, 2018, 10:03 | Author: Arnold Perez
U.S. President Donald Trump said Wednesday's stock market sell-off was a correction that was long awaited, and that the Federal Reserve, which has been raising interest rates, has gone "crazy". "I just don't think it's necessary to go as fast". "It's so tight. I think the Fed has gone insane", Trump told reporters shortly after markets closed, as he arrived in Erie, Pennsylvania for a rally.
They include the U.S. trade war with China and the potential impact on global growth while rising bond yields have diverted attention from equities - stocks - which have been offering the most attractive returns for years because central bank stimulus had flooded markets with cheap money. "So you can say that well that's a lot of safety actually, and it is a lot of safety, and it gives you a lot of margins, but I think the Fed has gone insane". The S&P 500 was down 3.3 percent, and the Nasdaq saw losses of 4.1 percent.
The White House said Wednesday that the "fundamentals and future" of the US economy are "incredibly strong" despite the big losses in the stock market. Many observers expected that would trigger a sell-off in the stock market as investors flooded their cash into Treasurys.
On Wednesday, the Dow fell 831 points, or 3.1 percent, to 25,598.
O'Hare attributed the losses to worries about higher interest rates but also cited a "broad-scale deterioration in sentiment" as investors realized that the pullback on Wall Street failed to prompt bargain hunting to stabilize prices, as has been the norm in recent years.
Trump has previously voiced his displeasure with the Fed's rate hikes, saying he would rather shift his focus to the continued growth of the USA economy and creating more jobs. He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.
Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the losses caught him off-guard, he thought many investors were unduly frightened by the rising rates. An additional 1.5-percentage-point fall would confirm a correction for that index.
Earlier on Tuesday, White House economist Kevin Hassett said the administration respects the Fed's independence and pointed to Trump's nominees to the central bank as evidence of its non-partisan approach to the setting of monetary policy.
Markets have been shaken by a row between Brussels and Rome, which are at loggerheads after Italy's populist government passed a purse-busting budget last week to the annoyance of the EU.
In other markets, oil prices fell sharply on worries that Hurricane Michael, which is battering the USA state of Florida, will dent demand for gasoline and other petroleum products.
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