Trump says Federal Reserve ‘has gone crazy’ after big stock drop

12 Octobre, 2018, 00:15 | Auteur: Auguste Feret
  • 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

"I think they're making a big mistake", Trump said during a broadcast of Fox & Friends.

Mr. Trump said earlier this week that he thought the central bank was moving too quickly with a series of planned interest rate hikes.

On Thursday, the president launched into a third day of verbal abuse of the central bank.

Lagarde's comments came as a global market sell-off rolled on following Trump's comments, underscoring rising financial volatility that the International Monetary Fund will address at its annual meetings this week in Bali.

"I find myself in general agreement with Trump on his criticism of the Fed, which is that raising interest rates now doesn't seem necessary", Moore said.

"Actually it's a correction that we have been waiting for, for a long time", he continued.

On Wednesday, he discounted the stock market's plunge - with the Dow Jones industrial average falling 831 points. "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all". 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 US bought from China previous year.

The Federal Reserve has steadily tightened monetary policy amid an economic boom in the United States, something Trump has repeatedly criticized.

"Part of President Trump's brand is he says what he thinks, but he respects the independence of the Fed and that's clear from his nominations", Hassett said at Council on Foreign Relations on Tuesday.

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Trump on Thursday also indicated that the Fed's policies were harming him personally.

"The markets are fraught with peril", warned Stephen Innes, head of trading at OANDA, adding there was a "horrible intersection of risk aversion" from the US-China trade conflict and rising US interest rates.

"The problem that I have is with the Fed".

On Wednesday, the Dow plunged more than 830 points as investors anxious that rising interest rates might slow economic growth.

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

White House economic adviser Larry Kudlow on Thursday said Trump's opinions had no weight on the Fed's actions.

And while he acknowledged higher rates helped savers, he criticized the Federal Reserve's tactics as "too aggressive".

"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement. At just over 2 per cent, the Fed's short-term policy rate remains low by historic standards, and most indexes of borrowing costs and credit flows still regard broader financial conditions as "loose" and conducive to economic growth.

"It's had a big impact", Trump said in a Fox News interview.

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