'The Fed has gone crazy': Trump lashes out amid market plunge

Trader Gregory Rowe works on the floor of the New York Stock Exchange Wednesday Oct. 10 2018. The Dow Jones Industrial Average plunged more than 800 points its worst drop in eight months led by sharp declines in technology stocks. (AP

"These are all valid concerns that have shown up in world markets", he wrote in a note to clients on Thursday.

Wholesale gasoline lost 4.3 percent to $1.93 a gallon.

But the falls are now spreading beyond technology stocks.

After President Donald Trump warned that the Federal Reserve is "going loco" and "making a big mistake", his chief economic adviser Larry Kudlow stepped in front of reporters at the White House and insisted the President wasn't "calling out the Fed".

The US central bank once again is on the firing line following President Donald Trump's unprecedented attacks but is likely to shrug it off and focus on economic data.

The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the U.S. economy would enjoy at least three more years of economic growth. Are interest rates too high? Investors would withdraw money from the Indian markets as the U.S. ones would offer better rate of return.

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.

"The US tech bubble may take a while to burst and we are facing many external uncertainties - trade wars, risks in emerging markets currencies and oil price".

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"It's a correction that we've been waiting for for a long time", he said of the more than 800-point drop.

"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. They are so tight.

Compared to the recent years in which the Fed has battled both high unemployment and weak inflation, it is a remarkably rosy scenario that, most analysts and officials have said, justifies what the Fed has done so far and offers little reason to shift gears. And it is a lot of safety, and it gives you a lot of margin.

In other markets, oil extended declines in Asian trade Thursday following a sharp build in USA crude inventories and fears Hurricane Michael would hurt demand. If the economy maintains its current pace through the fourth quarter, the resulting 3.8 percent growth would be remarkable at this stage in an expansion but the economy is not overheating or in any danger of doing so. Trump's comment had left investors anxious about the safety of their investment in markets.

Trump selected Powell, a Republican who served in the George H.W. Bush administration, to lead the Fed over a number of other candidates - including several who favoured even more aggressive rate hikes. The Nasdaq dropped more than 4% in the worst percentage decline since June 2016.

Fed spokeswoman Michelle Smith declined to comment on Trump's remarks.

In Hong Kong, the Hang Seng Index rebounded slightly, gaining 0.5 per cent at the start to 25,386.63. (See also: The 2007-2008 Financial Crisis In Review). Italy has proposed a budget exceeding spending beyond the deficit limit set by the European Union - 2.4 per cent of GDP.

The rout in United States 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. Markets in Paris (France), Frankfurt (Germany) and London (the UK) reported major losses.

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