Trump Takes Swipe at Fed as Stocks Tumble

Trump Takes Swipe at Fed as Stocks Tumble

Trump Takes Swipe at Fed as Stocks Tumble

Money Map Press chief strategist Keith Fitz-Gerald, Fox Business correspondent Kristina Partsinevelos and Capital Wave forecast editor Shah Gilani discuss President Trump's criticism of the Federal Reserve.

"I think the Fed has gone insane", he said. It was the sharpest drop in eight months.

The Tel Aviv Stock Exchange was down more than two percent, Shanghai plummeted almost 5% while Tokyo and Hong Kong both shed around 4%, as investors fretted about surging interest rates and the ongoing US-China trade war. Meanwhile safe bets, such as utilities and consumer staples, were the only positive notes in the sell-off. "That suggests the Fed will keep raising rates, and that's taking the wind out of the stocks that have done the most, particularly in the tech sector". 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. The Standard and Poor's 500-stock index hit its longest losing streak in two years.

The yield on the 10-year U.S. Treasury note is a closely watched number as a signal of where the U.S. economy is headed.

The sell-off on Wednesday was triggered by a depreciation in US Treasury bonds earlier this week. Instead, U.S. equity markets have kept going up. "It's all about investors rethinking their exposure to stocks".

"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement.

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy. The Fed aims to raise rates to about 3 percent.

More news: Zamira Hajiyeva, wife of jailed banker, named as subject of 'McMafia' order
More news: Five kids hospitalized with rare sudden limb paralysis
More news: Trump calls stock selloff 'a correction,' says Federal Reserve is 'crazy'

Trump has previously voiced his displeasure with the Fed's rate hikes, saying he would rather shift his focus to the continued growth of the USA economy and creating more jobs.

Trump indicated he had not spoken with Powell.

"The Fed is making a mistake", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally. "I think the Fed has gone insane".

"But I really disagree with what the Fed is doing", Trump added. "The Fed will stay on a measured pace". The problem I have is with the Fed.

Markets in Paris and Frankfurt both lost more than 2%, while London fell 1.3%. "I like to stay uninvolved", Trump said.

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.

Sears nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days.

Recommended News

  • Google Home Hub with 7-inch screen launched for $149 / £139

    Google Home Hub with 7-inch screen launched for $149 / £139

    If someone walks up and rings your Nest doorbell, for example, the live video will automatically appear on the Google Home Hub. Yesterday at its Made By Google event in Manhattan, Google announced the Home Hub , a new Assistant-powered smart device.
    Pacific Northwest gas prices could spike after pipeline explosion

    Pacific Northwest gas prices could spike after pipeline explosion

    McTeague said the duration of the spike in prices will depend on the length of time the pipeline is out of service. The Pembina line was shut down at points on both sides of the incident, and the company is draining down the line.
    Michael to gain hurricane strength as it approaches Florida

    Michael to gain hurricane strength as it approaches Florida

    The governor warned that there is potential for "devastating impact to communities across the Panhandle and Big Bend". Scott warned that Michael could reach land as a Category 2 hurricane, with winds in excess of 100 miles per hour .
  • Michael weakens to tropical storm as it moves across Georgia

    Michael weakens to tropical storm as it moves across Georgia

    The hurricane was expected to gradually weaken as it passed over the southeastern United States, the hurricane center said. A water-level station in Apalachicola, close to where Michael came ashore, reported a surge of almost 8 feet (2.5 meters).
    Dow has worst day in eight months as it drops 800 points

    Dow has worst day in eight months as it drops 800 points

    After a long stretch of relative calm, the stock market has suffered sharp losses over the last week as bond yields surged. It followed a bleak session in Europe, where Germany's Dax and France's Cac 40 had each ended the day more than 2% lower.

    Lady Gaga co-writes powerful essay for World Mental Health Day

    It also urged continuous training for primary healthcare workers to enable them detect and manage common mental health problems in community settings.
  • Selena Gomez is Seeking Treatment at Mental Health Facility

    She apparently was despondent and emotional over an alarmingly low white blood cell count in the wake of her kidney transplant. As of now, Selena is currently at an East Coast psychiatric facility and is receiving dialectical behavior therapy, aka DBT.
    Rafael Nadal's incredible gesture for flood victims

    Rafael Nadal's incredible gesture for flood victims

    Rescue workers and military units from the Spanish mainland were heading to the area which is popular with British holidaymakers. Witnesses described having minutes to find safety as the water levels rose, inundating houses and catching motorists off guard.
    The Hubble Space Telescope is broken

    The Hubble Space Telescope is broken

    Rachel Osten of the Hubble team confirmed that something is wrong with the telescope's gyroscopes, which it uses for orientation. The telescope could work with as few as one or two gyroscopes, although that leaves little room for additional breakdowns.
  • UFC boss: Nurmagomedov won’t be stripped of title

    UFC boss: Nurmagomedov won’t be stripped of title

    According to Nevada Athletic Commission , McGregor is one of 13 fighters from Saturday night's card to be given a suspension due to medical reasons.

    Photos reveal devastation after supercharged Hurricane Michael slams Florida Panhandle

    Characterized by strong winds and heavy rainfall, the hurricane of 1930 caused severe damage to the Dominican Republic. The most likely cause for such sudden changes? More than 17,000 people tuned into the broadcast, including Sen.
    South Korea considers lifting some sanctions on Pyongyang

    South Korea considers lifting some sanctions on Pyongyang

    Trump said that his second meeting with Kim would be in "probably a different location" than Singapore. Trump said "eventually we're going to have lots of meetings on USA soil and on their soil by the way".

We are pleased to provide this opportunity to share information, experiences and observations about what's in the news.
Some of the comments may be reprinted elsewhere in the site or in the newspaper.
Thank you for taking the time to offer your thoughts.