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I don't like Fed raising interest rates so quickly, says Trump
11 October 2018, 05:57 | Joann Bryant
Mnuchin Says U.S. Markets ‘Correction’ Is Not Very Surprising
"I think the Fed is making a mistake", Trump told reporters as he arrived for a campaign rally ahead of the USA mid-term elections.
"It's a correction that we've been waiting for for a long time", he said of the more than 800-point drop.
"I think the Fed has gone insane", Trump said. Powell defended the Fed's plans to raise interest rates gradually in the coming months, saying it was appropriate policy in such "extraordinary" economic times.
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 US central bank.
They include the U.S. trade war with China and its potential impact on global growth, while rising bond yields have diverted attention from equities - stocks - which have been offering the most attractive returns for years because central bank stimulus had flooded markets with cheap money.
"I don't think it's that at all", he said.
Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products. No, that wasn't it.
But those actions have drawn scorn from Trump, who has accused the Fed of moving too fast in raising rates when inflation is minimal and government data points to a strong economy. The Fed is going wild. "I mean, I don't know what their problem is but they're raising interest rates and it's ridiculous".
One former Treasury official said while Trump's comments are unusual, they don't appear to be changing the Fed's direction. They have reached out to the Fed leader to ensure there hasn't been improper political interference.
Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction".
The White House said Wednesday that the "fundamentals and future" of the USA economy are "incredibly strong" despite the big losses in the stock market.
On Wednesday, the Dow fell 831 points, or 3.1 percent, to 25,598.
All 30 Dow stocks were in the red, sending the index below 26,000 points for the first time in a month.
The S&P 500 was also down 3% while the tech-heavy Nasdaq (Frankfurt: 813516 - news) lost 4%.
The S&P 500 posted its fifth straight decline, plummeting almost 3.3%. Economic experts are split on how long the strong economy will continue, and some investors are convinced that a number of stocks - particularly technology companies - are overpriced and were due for a slide.
Seoul fell more than 4% and Sydney and Singapore both dropped more than 2.5%.
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The storm was centered about 50 miles off the western tip of Cuba , and about 140 miles east-northeast of Cozumel, Mexico. In Cuba on Sunday, Michael was expected to dump as much as 12 inches (30 cm) of rain in western parts of the island.
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Brock Long , head of the Federal Emergency Management Agency (FEMA), said early evacuation efforts in the area were slow. Warmer water acts as fuel for a hurricane , helping it develop into a more destructive, windier storm.