US President Trump calls the US Fed 'crazy', stock declines a 'correction'
11 October, 2018, 10:01 | Author: Brooke Harris
US President Donald Trump said yesterday's stock market selloff was in fact a long awaited "correction", and that the Federal Reserve, which has been raising US interest rates, has gone "crazy".
"I think. the Fed is making a mistake". "They're so tight. I think the Fed has gone insane". A stock market correction is defined as a decline of at least 10 percent from the high point of the past 52 weeks, suggesting that major US indices have further to fall. "But I think the Fed has gone insane", he went on. "But I really disagree with what the Fed is doing".
The Dow Jones Industrial Average has plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.
In September, the Federal Reserve raised short-term interest rates for the third time this year.
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. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.
She said in addition to rising interest rates, investors also fear that company profit margins will be squeezed by rising costs, including the price of oil.
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The steep drop in Japan followed a decline on Wall Street of almost 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the United States central bank.
One reason why the Fed has been raising interest rates even with little sign of an inflation breakout is because the unemployment rate, which fell to 3.7 percent in September, is at a level that many officials expect will cause wage and price gains to accelerate over time.
White House Press Secretary Sarah Sanders said in a statement following the close of markets that the U.S. economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.
Last week's jump in yields followed strong United States 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.
Those programmes - such as quantitative easing - are now ending and the Fed has raised U.S. interest rates three times already this year, raising borrowing costs, and could add a fourth hike by the end of 2018.
During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the American economy was robust.
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