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profishingrods.com October 17, 2018


Trump on 831 Stock Market Drop: Fed Has Gone Crazy

11 October 2018, 12:31 | Joann Bryant

Trump on 831 Stock Market Drop: Fed Has Gone Crazy

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

President Trump renewed his criticism of the Federal Reserve last night, saying that the central bank was raising interest rates "too fast".

Ahead of a campaign rally for the USA mid-term elections next month, Trump told reporters: "I think the Fed is making a mistake". "They're so tight. I think Fed has gone insane", president Trump replied.

A stock market correction is defined as a decline of at least 10% from the high point of the past 52 weeks, suggesting that major USA indices have further to fall.

The Dow Jones industrial average dropped 3.1 percent, or 831 points, to land at 25,599.

The selloff came a day after the International Monetary Fund said the world economy is plateauing and cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets.

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.

"I'd rather pay down debt or do other things, create more jobs, so I'm anxious about the fact that they seem to like raising interest rates". President Trump blamed the Federal Reserve - and his appointee Jerome H. Powell - for the big drop Wednesday.




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.

Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".

In September, the Federal Reserve raised short-term interest rates for the third time this year.

White House Press Secretary Sarah Sanders issued a statement on the drop as well.

The markets have been on a historic climb - with the Dow and S&P each notching dozens of new highs since 2016 - buoyed by a strong US economy and solid corporate earnings.

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. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth". "They're so tight. I think the Fed has gone insane", Trump said.

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. "I like to stay uninvolved", Trump said.



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