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

Wall Street stocks plummeted Wednesday amid worries about surging USA interest rates and the impact of trade disputes, as President Donald Trump blamed the Federal Reserve, saying it had "gone insane". The Fed is doing what it thinks is necessary, but I don't like what they're doing because we have inflation really checked and we have a lot of good things happening.

"I don't like it", Trump said Tuesday at the White House, referring to the Fed's rate hikes, the most recent of which was September 26.

The president said of the market losses, "Actually, it's a correction that we've been waiting for a long time".

The Dow Jones Industrial Average has plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks.

"I believe this selling is an overdone panic", Feinseth said.

The sell-off 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. The IMF projections don't take into account Trump's threat to expand the tariffs to effectively all of the more than $500 billion in goods the USA bought from China past year. President Trump blamed the Federal Reserve - and his appointee Jerome H. Powell - for the big drop Wednesday. Presidents for more than two decades had avoided public comments on the Fed's interest-rate policies as a way of demonstrating respect for the institution's independence.

Prince George and Princess Charlotte to star in Royal Wedding
They weren't included in Harry and Meghan's wedding so they're sure to be excited about the second royal wedding of the year . The Earl and Countess of Wessex's children, Lady Louise Windsor and Viscount Severn will be special attendants on the day.

Wall Street dives, setting the ASX up for heavy losses at open
The Nasdaq composite, which has a high concentration of technology stocks, tumbled 244 points, or 3.2 percent, to 7,495. The Fed aims to raise rates to about 3 per cent. "I believe this selling is an overdone panic", Feinseth said.

Royal rewear: Duchess Kate steps out in recycled Emilia Wickstead dress
The Duke and Duchess had a chance to speak to young delegates at the summit about the challenges and issues they face. Kate and Will welcomed Prince Louis on April 23.

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. USA consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.

White House Press Secretary Sarah Huckabee Sanders said in a statement following the close of markets that the US economy is "incredibly strong" despite the sell-off.

Stocks have been under pressure since the yield on 10-year US Treasury bonds jumped above 3% last week, a sudden move that raised fears of an overheating economy, speeding inflation and more aggressive Federal Reserve interest rate increases.

"I like low interest rates", Trump said.

Trump has previously voiced his displeasure with the Fed's rate hikes, saying he would rather shift his focus to the continued growth of the USA economy and creating more jobs.

Related:

Comments

Latest news

Saudi Arabia to let Turkey search its Istanbul consulate
Responding to Saudi claims that the cameras were not functioning on October 2, Erdoğan said this was not a logical explanation. Suspicions are mounting that Saudi's crown prince ordered the murder of Saudi journalist Jamal Khashoggi in Turkey.

Pipeline ruptures, sparks massive fire north of Prince George, B.C.
The blast Tuesday evening shut down the Enbridge natural gas pipeline about 600 miles northeast of Vancouver. The company will update its customers as soon as it is in a position to offer something new, said Stout.

British tourists among Majorca flood victims
More than 8 inches of rainfall fell in just a few hours on Tuesday morning, according to the Spanish weather company Aemet. After opening his academy to flood victims, Rafael Nadal volunteered to help clear homes of water and mud.

Sears could file for bankruptcy as soon as this week
CNBC earlier reported that the company was arranging a bankruptcy loan, known as debtor-in-possession financing. Shares of real estate investment trusts (REIT) exposed to Sears properties also fell Wednesday.

Google pulls out of $10 billion Pentagon cloud contract over AI concerns
The contract has a massive ceiling value of $ 10 billion over a period of 10 years, one of the largest of its kind in history. With JEDI (Joint Enterprise Defense Infrastructure), the Pentagon is planning a major revamp of its IT infrastructure.

What is acute flaccid myelitis, the mysterious polio-like disorder affecting kids?
There's no cure and some children appear to have long-term disabilities, while others recover completely or almost completely. Additionally, the CDC has found a possible link between an increase in a respiratory virus and an increase of AFM.

Tway seals first PGA win in playoff
Moore matched Tway's birdies at the first and second playoff holes, before succumbing at the third - the par-four 10th. Snedeker was eliminated at the first hole before Tway ended it with a birdie at the third extra hole.

Jimmy Butler Erupted With Mean-Spirited Trash Talk At Timberwolves Practice
In what may be a good sign for the Wolves, though, Wojnarowski reported via Twitter that Butler practiced with the team today. According to ESPN's Amin Elhassan , Butler even led the third-stringers to a victory against the starters during a scrimmage.

Focus on children's mental health, WHO urges African leaders
There are not enough specialised hospitals or specialised psychiatric hospital beds for children and adolescents. With the growing awareness about mental health, it's possible that you picked up on some warning signs.

Elliott Pulls Out A Victory In Dover Cup Race
Two laps later, the Dover spring victor was forced to return after his left rear tire went flat when a lug nut broke a valve stem. OF NOTE Rain washed out qualifying Friday, setting the lineup on points and giving the top dozen spots to the 12 playoff drivers.

Action Needed Now in Climate Crisis
It is thought that by 2100, global sea rise levels would be 10cm lower that if global warming were to be at 2C. At 1.5 degrees, the report finds that 70 to 90 percent of tropical coral reefs will vanish.

What is Google Home Hub and how does it work?
There are also other bundles , mostly focusing on Nest (also owned by Google) smart home products and the new Home Hub display. However, Google's upping the ante a bit by adding a bit of home-control interface to the mix via the Home View feature.

European Union officials warned to prepare for no-deal Brexit
It comes amid informed reports that Mrs May will present the backstop agreement to her inner Brexit cabinet on Thursday afternoon. The negotiations are reaching a critical stage ahead of next week's European Council summit.

The Trailer For Pet Sematary Is Here
Zelda , a 10 year old girl, was actually played by a young Andrew Hubatsek under 14 hours worth of makeup. Creed waking up with dirt covering his feet, and a man in a hospital bed grabbing at Dr.

Melania Trump On Me Too: We Should Support Men, 'Not Just Women'
Melania Trump demanded "hard evidence" as the only standard of proof for sexual assault - but insisted she stands with women. President Trump has been accused by multiple women of sexual misconduct and assault in the past.

Other news