Trump Takes Swipe at Fed as Stocks Tumble

Mnuchin Says U.S. Markets ‘Correction’ Is Not Very SurprisingMore

Mnuchin Says U.S. Markets ‘Correction’ Is Not Very SurprisingMore

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.

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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.

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