Saturday, 20 October, 2018

Global stocks tumble after Trump 'crazy' Fed comment

Global stocks tumble after Trump 'crazy' Fed comment Mnuchin Says U.S. Markets ‘Correction’ Is Not Very Surprising
Russell Knight | 11 October, 2018, 15:55

Asian markets plunged on Thursday following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "I think the Fed has gone insane". Of the stock market, he said, "Actually, it's a correction that we've been waiting for, for a long time". The broad selloff took the S&P 500 to the lowest in three months, the Dow Jones Industrial Average plunged as much as 836 points and the Nasdaq 100 Index tumbled more than 4 percent for its worst day in seven years.

Trump has often pointed to stock market records set during his time in office as a measure of his success.

"But I really disagree with what the Fed is doing", Trump added.

After a long stretch of relative calm, the stock market has suffered sharp losses over the last week as bond yields surged. "I think we don't have to go as fast".

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products.

The Fed traditionally remains outside the purview of the President, though Trump has at moments blurred the lines by commenting on Fed policy.

Michael responsible for child's death in Georgia
Video footage captured during the storm showed homes totally inundated by storm surge as winds tore houses apart. Hurricane Michael's battering waves swamped streets and docks and shrieking winds splintered trees and rooftops.

Virgin Galactic boss Richard Branson says to launch space flight 'within weeks'
Test pilots have been putting the SpaceShipTwo craft, VSS Unity , through its paces high above the Mojave desert in California. However Branson said he hopes the price would drop to around £38k in the next decade.

Rafael Nadal helps with clean-up operation following devastating floods in Majorca
Spain's meteorological office warned that rainfall and storms were set to get worse in the archipelago "in the coming hours". Prime Minister Pedro Sanchez visited the rescue coordination centre and offered condolences for the victims.

The Federal Reserve sets baseline interest rates for lending standards, which can have a massive effect on whether businesses expand or contract.

Powell's goal is to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth. Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy.

US consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.

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.

"There are a number of worries for investors right now, from the pace of rising bond yields and the impact on investor sentiment, to Italy's populist coalition playing a game of chicken with the European Commission, stalling Brexit negotiations and the ongoing trade conflict between the USA and China", said Craig Erlam, senior market analyst at Oanda trading group.

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.

In September, the Fed raised interest rates by 25 basis points for the third time in 2018, raising the target range for its benchmark rate to 2%-2.25%.

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