Trump calls stock sell-off 'a correction,' says Federal Reserve is 'crazy'

11 Octubre, 2018, 15:56 | Author: Arnold Perez
  • President Trump spoke with reporters after arriving at Erie International Airport for a campaign rally at Erie Insurance Arena on Wednesday

"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "They're so tight. I think the Fed has gone insane", Mr. Trump told reporters after landing in Erie, Pa., for a political rally.

But he downplayed the first major drop in months, saying, "it's a correction that we've been waiting for a long time". "But I really disagree with what the Fed is doing, okay?" The benchmark 10-year Treasury yield surged to a seven-year high on Tuesday and the 30-year bond yield jumped to its highest since 2014.

But those actions have drawn scorn from Trump, who has accused the Fed of moving too fast in raising rates when inflation is minimal and government data points to a strong economy.

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.

"Our course is clear: Resolutely conduct policy consistent with the FOMC's symmetric 2 percent inflation objective, and stand ready to act with authority if expectations drift materially up or down", Powell said last week, referring to the policy-making Federal Open Market Committee.

In fact it is his policies that are behind the changes: tax cuts and spending policies are expected to juice the economy, adding to the Fed's justification to raise interest rates, while trade conflicts raise costs for companies, which could hit the bottom line in quarterly earnings - something analysts said helped prompt Wednesday's sell-off.

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"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement. An additional 1.5-percentage-point fall would confirm a correction for that index. The criticism is also unusual given that Jerome Powell, the Fed chairman, was appointed by Mr...

Despite last night's sell-off, the S&P 500 would still need to more than double its losses.

In July, the president complained about the Federal Reserve raising interest rates.

The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the United States economy would enjoy at least three more years of economic growth. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.

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