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.
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".
China Trade War to Hurt Global Economic Growth
The report said that aggregate growth in the emerging market and developing economy group stabilised in the first half of 2018. Further threats to global economy include "unsettled" politics and the escalating trade tensions between the USA and China.
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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.
Swift's wins on Tuesday were also history-making for the artist, who became the winningest woman in the show's history . The pop star also continued to use her superstar platform to remind everyone to get out and vote .
The move particularly affects high-growth tech companies which have been a source of huge returns in recent months. She said they also fear that company profit margins will be squeezed by rising costs, including the price of oil.
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Hurricane-force winds extend outward up to 45 miles from the center and tropical-storm-force winds extend outward up to 175 miles. Mandatory evacuations have been ordered in several Florida counties and devastating effects are expected to expand far inland.
Michael's minimum central pressure - a key measure of hurricane strength - was measured at 919 millibars when it made landfall . A total of 453 flights had been cancelled on Wednesday across the country, with many occurring in the Florida area.
USA consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years. Wall Street extended its losses Wednesday afternoon as markets continued to skid, with the Nasdaq leading the losses.
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Garland had been nominated to the Supreme Court by President Barack Obama , but Senate Republicans never acted on the nomination. Lisa Murkowski of Alaska despite her opposition to Brett Kavanaugh's Supreme Court nomination.
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Stock prices plummet amid tech selloff, rising interest rates
A2 Milk Co dropped 6.7 per cent to $9.53, Pushpay Holdings sank 6.2 per cent to $3.50 and Synlait Milk fell 5.4 per cent to $9.15. It's on track for its fifth straight drop, which hasn't happened since right before the 2016 presidential election.
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