Economy

Trump says Fed ‘making a big mistake’ by being too aggressive

Trump says Fed ‘making a big mistake’ by being too aggressive

Other data have also been stoking inflation expectations - higher energy prices, the September Producers Price Index (up 0.2 per cent), the 4.2-per-cent Q2 GDP growth reported at the end of September.

The broad USA stock market sell-off Wednesday 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 rate charged on 10-year U.S. Treasury notes has surged from 2.46 percent at the start of 2018 to almost 3.16 percent.

Spot gold climbed 0.8 percent to reach $1,203.30 an ounce by 0947 GMT. Yet other factors, which might have more direct implications for US monetary policy, were also said to have played a part. And as a result, for reasons I won't go into here, the stock market would be lower than it is.

Tokyo's Nikkei 225 index plunged 915 points (3.9%) to end at 22,591, while the Hang Seng index in Hong Kong had tumbled nearly 4% in late trade.

Seoul fell more than 4% and Sydney and Singapore both dropped more than 2.5%.

In the US, banks and health care companies are taking some of the worst losses while technology companies are slightly higher after a series of big losses.

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Lately, those prices have been heading sharply lower, meaning the bonds' yields have been spiking.

The Federal Reserve has repeatedly pledged to raise rates only gradually. And there are lingering concerns about the unresolved trade dispute between the US and China.

Asian markets plunged on Thursday morning 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.

President Donald Trump blamed "crazy" USA interest rate rises this year for prompting steep stock market falls which have extended across the globe. "If America has a problem, everyone has a problem", Rogers said. The president is not dictating policy to the Fed.

That's what happened Wednesday, according to Wilshire Associates, which says the US market fell by a total of $1.6 trillion (or 5 percent) that day and the four preceding trading days.

As well as criticising the Fed, Mr Trump said his trade policies had hurt China's economy.

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Raising interest rates was justified "for those economies that are showing much improved growth, inflation that is picking up... unemployment that is extremely low", Lagarde told a press briefing in Bali, Indonesia where the International Monetary Fund is holding its annual meeting.

The policy makers' latest economic forecasts showed a median estimate of 3% for this neutral point over the long term.

Powell was even more blunt, saying the Fed pays no attention to politics, adding, "This is just who we are and I think who we will always be, which is, we're a group who - we're quite removed from the political process".

"I think the Fed is making a mistake", Trump said to reporters after landing in Erie, Pennsylvania, for a campaign rally on Wednesday.

For the moment, Trump is content to blame the Federal Reserve and its gradual rate hikes for the stock market fall.

"They lived too well for too long and frankly I guess they think that the Americans are stupid people".

Red Sox troll Yankees with celebration music
The lefty's spot in the Red Sox rotation was in question after he was lit up by the New York Yankees in Game 2 of the ALDS. A night after three of his calls at first base were reversed on video reviews, Angel Hernandez was the plate umpire.

He has frequently criticised the United States central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing". Indeed depressed long-term rates had led some Fed officials to worry that short-term rates might rise above them and cause the sort of bond yield "inversion" that precedes recession.


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