Donald Trump says Fed has 'gone crazy' after Dow Industrial Average tumbles
Donald Trump says Fed has 'gone crazy' after Dow Industrial Average tumbles
Dow Jones plunges 800 points as tech stocks tumble
12 October, 2018, 04:36
Markets across the world have crashed over the past few days.
As Hurricane Michael pummeled Florida, Wall Street was battered by storms as well, with the Dow shedding about 830 points, in the biggest fall since February, to close the day at 25,498.74.
The steep drop in Asia followed Wednesday's plunge in NY, with the Dow Jones dropping almost 830 points - the biggest fall since February - after Trump's latest criticism of the Federal Reserve.
US stocks dropped for a second day on Thursday, underscoring investors' concerns over rising interest rates and a trade war, despite inflation data that was weaker than expected.
In July, the president complained about the Federal Reserve raising interest rates. Investors would withdraw money from the Indian markets as the U.S. ones would offer better rate of return.
The rate was near zero from 2008 to the end of 2015 when the Fed first began to gradually increase it, "tightening" monetary policy, something it has done three times so far this year. And, this has left Donald Trump unhappy.
The turmoil on stock markets came after the International Monetary Fund slashed its global growth forecast Monday on worries over the US-China trade war and weakness in emerging markets. Instead, U.S. equity markets have kept going up.
President Donald Trump blamed "crazy" USA interest rate rises this year for prompting steep stock market falls which have extended across the globe.
"The Fed is making a mistake", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "They are so tight. The Fed is going loco and there's no reason for them to do it and I'm not happy about it".
"So you could say that well, that's a lot of safety actually and it is a lot of safety and it gives you a lot of margin", he added.
During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the US economy was strong.
Trump's comment was followed by a bloodbath in Asian markets including India. Trump's comment had left investors anxious about the safety of their investment in markets.
Powell and Trump haven't personally discussed the matter, the Fed chair has said, but Trump's rhetoric has alarmed some Democrats and Republicans on Capitol Hill. That has rubbed off in Indian markets with both Sensex and Nifty registering big losses.
The attacks on the Fed are another example of Trump breaking with recent norms. Nifty fell below 10,200 mark losing 2.69 per cent in the opening trade.
Japan's Nikkei and the Hang Seng in Hong Kong were down by up to 4%.
But financially, the latest trend originated in Europe where an Italian budget has brought back the fears of eurozone crisis.
Investors lost an estimated Rs 4 lakh crore within five minutes of opening trade today.
This led to tension among European Union members, which was reflected in the European bourses. French markets and Germany markets lost over 2 per cent of its value while in the United Kingdom, the loss was 1.3 per cent.
She said on September 23 she was leaving social media. "Just remember- negative comments can hurt anybody's feelings". As a result, she was checked into an "East Coast facility" that specializes in psychiatric treatment.
A convoy of armed personnel carriers was lined up alongside a beach path and access to the area was tightly controlled. An IMF delegation will visit Pakistan in the coming weeks to discuss a possible IMF support economic programme.
F-35 combat jets was grounded to investigate engine problems that may have caused a Marine Corps plane crash last month. The temporary suspension of flight operations will also impact global partners, such as Israel, that have the F-35.
The pre-lunch meeting was also attended by former US football player Jim Brown and Trump's son-in-law Jared Kushner . Trump said Wednesday. "There are people in jail for really long terms", Trump said in an interview with Fox News.
May God Bless you always honey. "She walked with the Universe on her shoulders and made it look like a pair of wings". The heartbreaking photos were shared more than 16,000 times, and many people were touched by the emotional post.
I've been quite consistent with my play, but I didn't have enough good finishes on the board, after the win at the CIMB Classic. You have some of the best players in the world playing", said Sharma, who failed to secure his PGA Tour card last season.
Michael was the strongest storm to ever hit the Florida Panhandle, and the only hurricane to do so as a Category 4. Where did the storm make landfall? Michael's center is approximately 90 miles southwest of Panama City, Florida.
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