Trump says Fed 'out of control' but won't fire Powell

14 October, 2018, 03:03 | Author: Brooke Harris
  • The Dow took a beating Wednesday

This could cause the next economic crisis.

The law creating the Federal Reserve says the officials can be "removed for cause".

The December tax cuts that Mr Trump championed, as well as the increased federal spending in this year's budget, are expected to do what the president intended by juicing the economy - but when unemployment was already low and the economy growing at a good rate. "They're not appropriate anymore". Going back even further, it's another piece of evidence that the long run of declining interest rates, which began in the early 1980s, is over.

You see, rate hikes are a delicate phenomenon.

USA markets look set to pick up where they left off last night in the wake of today's continuation of selling pressure with further losses looking likely with the main focus set to be on the latest CPI inflation numbers for September. And there are lingering concerns about the unresolved trade dispute between the USA and China. But for all his talk of how easy trade wars are to win, Trump has little to show for his efforts. It's essentially a matter of who blinks first.

He reiterated those comments during an interview on Fox & Friends Thursday morning, claiming the central bank was being too "aggressive". All of a sudden, they could face a major blow to their revenues and earnings.

With hurricane Michael battering the United States coastline it is perhaps apt that a hurricane of selling has hit U.S. stock markets, as the Dow and S&P500 posted their worst losses since February this year, returning USA stocks back to levels last seen in June.

Any politician who asks, like some kind of fund manager, to be judged by stock-market performance is going to end up disappointed, but that doesn't seem to stop them repeatedly playing that game.

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Don't you think a sell-off will impact Americans?

In February, when a selloff caused the S&P 500 to fall 10%, the president switched tactics, claiming the stock market had failed to reflect the strong economy.

"The Fed has an independence that it needs to pursue, it's concerned about inflation - and right now we have tariffs, which are wreaking havoc, we're not sure to what extent, and an exploding deficit ..." Don't be shocked if this follows sooner than later.

In the USA, banks and health care companies are taking some of the worst losses while technology companies are slightly higher after a series of big losses. An increase in interest rates makes debt more expensive, while a corresponding decrease can make it cheaper. Kaplan is a voting member this year of the Fed's rate-setting committee.

Remember, the US doesn't need to have the greatest fiscal policy; however, the USA simply needs to have smarter and more agile policy than global rivals.

So, just year-over-year, the interest expense for the USA government increased by over 13%.

Higher yields make bonds more attractive investments, which can siphon buyers away from stocks. The quick jump in yields in turn spooked equity investors amid fears that rising rates could dent corporate profits, slow economic growth and lead to a slump in stocks. One is that USA bond yields are poised to soar. I wandered through the neighborhood in which I live, enjoying the weather and treating myself to an iced coffee rather than staying home to watch CNBC, be enslaved by my computer and twitch. Yet other factors, which might have more direct implications for USA monetary policy, were also said to have played a part.



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