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
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.
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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%.
Khashoggi was last seen on October 2 entering the Saudi consulate in Istanbul to get documents for his forthcoming marriage. Now you will say that I encourage others to kill. "We can not let this happen, to reporters , to anybody".
CNBC earlier reported that the company was arranging a bankruptcy loan, known as debtor-in-possession financing. The company's shares are trading at around 59 cents and are down more than 90 per cent in the last 12 months.
BHP was down 2.75 per cent at $33.765, a fall only marginally worse than fellow mining giant Rio Tinto's 2.37 per cent to $77.29. Investors see many of these countries as being vulnerable to higher U.S. interest rates, which can pull away investment dollars.
A second market participant confirmed the central bank was keeping out of the market, effectively letting the currency devalue. It said, the prediction is lower due to recent increase in oil prices and the tightening of global financial conditions.
Ehresmann said, "If you have a child that is having these kinds of symptoms, they should be seen, evaluated, immediately". It added that it was consulting a neurologist in each case "to better understand this illness".
Launched in 1990, Hubble has had trouble with its gyroscopes before. "We'll work through the issues and be back", she wrote. But only three gyros are needed for normal telescope operation with the others held in reserve.
Singapore had been the top dog, but thanks to a new arrangement with Myanmar, Japan now leads with 190 visa-free countries. Afghanistan's and Iraq's passports were the weakest in the October survey, with accessibility to 30 destinations each.
Those policies are all seen as initiatives of the crown prince, who has also presided over a roundup of activists and businessmen. He is an outspoken critic of Saudi Arabia who has dared to defy Crown Prince Mohammed bin Salman, the kingdom's de facto ruler.
Netflix was down more than 8 percent, Amazon was off 6 percent and Apple and Google were both down more than 4.5 percent. A stock market correction is defined as a fall of at least 10 per cent from the high point of the last 52 weeks.
As a precaution, an adjacent natural gas pipeline owned and operated by Enbrige has also been depressurized, ' the statement said. The Pembina line was shut down at points on both sides of the incident, and the company is draining down the line.
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