Saturday, 15 December, 2018

Trump calls stock selloff 'a correction,' says Federal Reserve is 'crazy'

President Trump spoke with reporters after arriving at Erie International Airport for a campaign rally at Erie Insurance Arena on Wednesday I don't like Fed raising interest rates so quickly, says Trump
Orlando Vargas | 11 October, 2018, 17:58

With significant drops in the Dow Jones Industrial Average, S&P 500, and broad-based stock market indexes, President Trump said markets are in a "correction", and decried the Federal Reserve's recent rises in interest rates and signals for more to come. "They're so tight. I think the Fed has gone insane", Trump told reporters on the tarmac in Pennsylvania. "And I'd like our Fed not to be so aggressive because I think they're making a big mistake", Trump said in a Thursday morning interview on Fox & Friends.

U.S. President Donald Trump looks on as Jerome Powell, his nominee to become chairman of the U.S. Federal Reserve, speaks at the White House in Washington, U.S., November 2, 2017.

Trump has said he likes low interest rates, in part because of his background in real estate.

Trump's comments echo his previous criticisms of recent months, which broke more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the USA central bank. Higher interest rates makes it more expensive to borrow money, giving consumers or businesses pause before taking out a loan.

"The Fed's reckless policies of low interest and flooding the market with dollars needs to be stopped or we will face record inflation", he said in the other.

Trump has departed from that practice and has said he would not shy from future criticism should the Fed keep lifting rates. "The problem in my opinion is Treasuries and the Fed".

A spike in Treasury yields and solid USA economic data have sparked concerns that the Federal Reserve may pick up the pace of its interest rate hikes.

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"The Fed continues to flood the market with U.S. dollars", he said in one tweet.

The steep drop in Asia followed Wednesday's plunge in NY, with the Dow Jones dropping almost 830 points - the biggest fall since February - after Trump's latest criticism of the Federal Reserve.

"He is an individual that really understands the plumbing of the USA and global financial systems and one example is the reforms that are going underway on Libor for which he is one of the main sponsors", said Carney.

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.

Rising bond yields have been drawing investors out of the stock market, and the best-performing stocks over the past year took some of the biggest losses on Wednesday. "But I really disagree with what the Fed is doing, okay?" And tech stocks got hit particularly hard.

Central bankers from around the world jumped to the U.S. Federal Reserve's defense after President Donald Trump accused the central bank of going "loco".

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