White House says economy 'incredibly strong' after stock-market dive

11 Octobre, 2018, 15:57 | Auteur: Auguste Feret
  • White House says economy 'incredibly strong' after stock-market dive

President Donald Trump again criticised the Federal Reserve for raising interest rates, calling it a "mistake" hours after the worst U.S. stock market sell-off since February.

"I like low interest rates, " said Trump, adding that the Fed "has gone insane", and that the Fed was 'going loco' about rising rates. "They're so tight. I think the Fed has gone insane", Trump said.

The Dow Jones dropped by more than 800 points on Wednesday in one of the worst days for the stock market since February, and President Donald Trump had an explanation ready when asked by reporters.

The Dow Jones stock market average dropped by 831 points, which is 3.15 percent of its opening value on Wednesday. The benchmark 10-year Treasury yield surged to a seven-year high on Tuesday and the 30-year bond yield jumped to its highest since 2014. 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.

The 10-year yield is now 3.20 percent, the highest in than seven years and up sharply form 2.82 percent in late August.

China Mobile shares fell 3.7%, insurance group Ping An dropped 4.1% and China Construction Bank lodged a slide of 3.2%.

"I don't think it's that at all", he said.

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Investors are leaning into safer stocks with steady dividends - utilities and consumer staples - and pulling out of the higher-paying, higher-risk stocks as other guideposts of growth, like the communication sector, tumbled.

A spike in Treasury yields and solid United States economic data have sparked concerns that the Federal Reserve may pick up the pace of its interest rate hikes.

"As concerns increase over higher interest rates dampening growth, investors are evolving their trading strategies accordingly".

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 USA economy and solid corporate earnings. He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.

"It's shifting the tectonic plates", said Jack Ablin, chief investment officer at Cresset Wealth Advisors. The S&P 500 lost 94 points, or 3.3 percent, to 2,785. The problem I have is with the Fed.

"I stood on the floor in the crash of '87, so this is nothing", Benedict said. Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

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