US President Trump calls the US Fed 'crazy', stock declines a 'correction'

US President Trump calls the US Fed 'crazy', stock declines a 'correction'

US President Donald Trump said yesterday's stock market selloff was in fact a long awaited "correction", and that the Federal Reserve, which has been raising US interest rates, has gone "crazy".

"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.

President Donald Trump said he believes "the Fed has gone crazy" amid recent interest rate hikes.

He described the path of rate increases - most recently to a level of 2-2.25% - as "crazy", adding that the stock market reaction was the "correction that we've been waiting for". "But I really disagree with what the Fed is doing, okay?" The criticism is also unusual given that Jerome Powell, the Fed chairman, was appointed by Mr...

USA presidents have rarely criticised the Fed in recent decades because its independence has been seen as important for economic stability.

Later on Wednesday in an interview on Fox News, Trump dismissed the idea that trade tensions with China caused the dive.

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.

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Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies $110 billion of American products. "The Fed increasing rates to me was a sign that the economy was able to stand on its own two feet".

Earlier on Tuesday, White House economist Kevin Hassett said the administration respects the Fed's independence and pointed to Trump's nominees to the central bank as evidence of its non-partisan approach to the setting of monetary policy.

"The fundamentals and future of the U.S. economy remain incredibly strong", press secretary Sarah Sanders said in a statement after the close.

All 30 Dow stocks were in the red, sending the index below 26,000 points for the first time in a month.

And while stocks could get a boost from strong corporate earnings, there are concerns the United States trade conflicts will start to undermine profits. The Dow Jones Industrial average fell 3.15 percent; the tech-heavy Nasdaq index dropped 4.08 percent.

On Friday, federal data showed that the US jobless rate fell to 3.7 percent in September, its lowest point since 1969.

Jasper Lawler, head of research at London Capital Group, offered this explanation: "The bloodbath for global equities comes as investors adjust to a world of higher United States interest rates and USA treasury yields".

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