Global stocks tumble after Trump 'crazy' Fed comment

11 Octobre, 2018, 10:02 | Auteur: Auguste Feret
  • President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

"They're so tight. I think the Fed has gone insane", Trump told reporters on his way to a rally in Pennsylvania.

"I think we don't have to go as fast", the president said.

Wall Street extended its losses Wednesday afternoon as markets continued to skid, with the Nasdaq leading the losses.

Money Map Press chief strategist Keith Fitz-Gerald, Fox Business correspondent Kristina Partsinevelos and Capital Wave forecast editor Shah Gilani discuss President Trump's criticism of the Federal Reserve. "I just don't think it's necessary to go as fast".

U.S. President Donald Trump said Wednesday's stock market sell-off was a correction that was long awaited, and that the Federal Reserve, which has been raising interest rates, has gone "crazy".

Trump has repeatedly touted Wall Street records as proof of the success of his economic program, including his confrontational trade strategy. A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks. US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.

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.

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The benchmark USA stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. Earlier on Wednesday, Sears Holdings plunged on reports that the struggling retailer is preparing to file for bankruptcy.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the United States economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.

Adams said investors have concerns about their future profitability, too, making technology stocks more volatile in the last few months.

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.

The Fed has been raising interest rates gradually since December 2015, and last month lifted its target for short-term rates to a range of 2 per cent to 2.25 per cent, responding to an economy that has been growing at a pace well above what Fed officials believe is sustainable.

Bourses in Paris and Frankfurt both lost more than two%, while London fell 1.3%.

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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