Trump Says Fed Moving Too Fast With Interest Rate IncreasesMore
11 October, 2018, 12:28
The turmoil came a day after the International Monetary Fund slashed its global growth forecast on worries about trade wars and weakness in emerging markets.
"The fundamentals of the USA economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".
The US slump, which amounted to a market value loss of over £800bn, had followed falls across much of Europe.
Fresh concern about a trade war with China and rising interest rates have in part sparked a broad US stock market sell-off, with the S&P 500 on Wednesday falling the most since February.
Gina Martin Adams, the chief equity strategist for Bloomberg Intelligence, said investors are concerned about the big increase in yields, which makes it more expensive to borrow money. The Fed aims to raise rates to about 3 percent. "This is not a systemic issue".
A stock market correction is defined as a decline of at least 10% from the high point of the past 52 weeks, suggesting that major U.S. indices have further to fall.
President Donald Trump said the Federal Reserve is moving too fast with interest-rate increases and dismissed concerns about inflation, extending his run of criticism that central bankers have largely disregarded as they push ahead with higher borrowing costs. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.
The Fed last raised interest rates in September and left intact its plans to steadily tighten monetary policy, as it forecast that the US economy would enjoy at least three more years of economic growth.
Trump, who has frequently invoked rising stock prices as an affirmation of his economic policies, downplayed the significance of the market drop even as he pointed the finger at the Fed. "It's all about investors rethinking their exposure to stocks". "Actually, it's a correction that we've been waiting for for a long time".
"I believe this selling is an overdone panic", Feinseth said. President Trump blamed the Federal Reserve - and his appointee Jerome H. Powell - for the big drop Wednesday.
'As stocks go up, tech goes up more than the stock market. Evans said he wasn't aware of "anything happening in the last couple of weeks that alter my basic take that financial stability conditions are reasonably moderate, and that we're in reasonable shape at the moment". "So you can say that well that's a lot of safety actually, and it is a lot of safety, and it gives you a lot of margins, but I think the Fed has gone insane".
A New Jersey native who grew up a Mets fan, Porcello held the Yankees to one run over five innings for his first postseason win. The 2016 AL Cy Young Award victor entered with a 0-3 in 12 previous postseason appearances, which included four starts.
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