I don't like Fed raising interest rates so quickly, says Trump

I don't like Fed raising interest rates so quickly, says Trump

I don't like Fed raising interest rates so quickly, says Trump

As the Federal Reserve tightens monetary policy with its steady pace of interest rate hikes, President Donald Trump continues to criticize the central bank.

"Actually it's a correction that we've been waiting for a long time, but I really disagree with what the Fed is doing", Trump told reporters before a political rally in Pennsylvania. "I think the Fed has gone insane". 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.

United States shares suffered a broad-based selloff that slashed more than three percent from major indices.

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".

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Taiwan plunged almost 6%, with Seoul down 3% and Sydney and Singapore both falling 2% after US Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

"Our course is clear: Resolutely conduct policy consistent with the FOMC's symmetric 2 percent inflation objective, and stand ready to act with authority if expectations drift materially up or down", Powell said last week, referring to the policy-making Federal Open Market Committee.

China Mobile shares fell 3.7%, insurance group Ping An dropped 4.1% and China Construction Bank lodged a slide of 3.2%. "It's all about investors rethinking their exposure to stocks".

Strong economic data and a positive outlook from Fed officials have led to a sell-off in US Treasury bonds, particularly longer-term ones, sparking concerns about even higher interest rates.

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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 US economy and solid corporate earnings. As stocks go down, tech goes down more than the stock market, ' she said.

Those financial crisis-inspired programmes - such as quantitative easing - are now ending and the Fed has raised United States interest rates three times already this year - raising borrowing costs - and could add a fourth hike by the end of 2018.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates. The index fell by more than 3%. "I like to stay uninvolved", Trump said. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.

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