Thursday, 18 October, 2018

Trump Takes Swipe at Fed as Stocks Tumble

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington Trump Takes Swipe at Fed as Stocks Tumble
Orlando Vargas | 11 October, 2018, 12:32

Trump's remarks, almost unprecedented for a USA leader, may roil markets further in retreat on the heels of hefty tariffs imposed on aluminum and steel imports from much of the world, and about half of US imports from China. "I think the Fed is making a mistake", he said before a rally with his supporters in Erie, Pa. "It's so tight. I think the Fed has gone insane", Trump told reporters shortly after markets closed, as he arrived in Erie, Pennsylvania for a rally.

Trump has repeatedly touted Wall Street records as proof of the success of his economic programme, including his confrontational trade strategy. 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 USA indices have further to fall. "But I really disagree with what the Fed is doing".

He said he didn't think the current rate of U.S inflation merits higher borrowing costs.

The rout in U.S. shares followed substantial losses on European bourses, due in part to tensions between Brussels and Rome over Italian budget plans that have revived fears about the eurozone.

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

"The selling is not panicking but it's persistent", Briefing.com analyst Patrick O'Hare said of the proceedings.

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.

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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.

"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors. As stocks go down, tech goes down more than the stock market, ' she said.

And while stocks could get a boost from strong corporate earnings, there are concerns the U.S. trade conflicts will start to undermine profits.

Trump was briefed on the market turmoil earlier in the day, a White House official said.

Shares on London's FTSE 100 index were down 1.4% in opening trade, while the Frankfurt DAX dropped 1.3% and the Paris CAC shed 1.5%.

"To say risk appetite has taken a hit would be an understatement!" Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

In other markets, oil prices fell sharply on worries that Hurricane Michael, which is battering the U.S. state of Florida, will dent demand for gasoline and other petroleum products.

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