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

11 October, 2018, 15:58 | Author: Regina Silva

US President Donald Trump said that last night's stock market sell-off was in fact along-awaited "correction", and that the Federal Reserve, which has been raising US interest rates, had gone "crazy". "They're so tight. I think the Fed has gone insane", Trump told reporters on his way to a rally in Pennsylvania. "They're so tight. I think Fed has gone insane", president Trump replied.

"Actually, it's a correction that we've been waiting for, for a long time", Trump said regarding the stock market.

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

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

Most Fed officials see a bit more tightening ahead for the Fed than Mr Evans indicated on Wednesday.

U.S. presidents have rarely criticised the Fed in recent decades because its independence has been seen as important for economic stability. "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".

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Trump has previously criticized the Federal Reserve for its interest-rate hikes and said it did not "have to go as fast".

"I like low interest rates". Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy.

"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.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the United States economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.

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.

Earlier, Asian markets saw sharp drops as US President Donald Trump said the US Federal Reserve had "gone crazy" with plans for higher interest rates. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth". "It is doing well", Trump said.

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