Trump Criticizes Central Bank for Raising Rates

Trump Criticizes Central Bank for Raising Rates

Trump Criticizes Central Bank for Raising Rates

President Trump said that the Federal Reserve has "gone crazy" on short-term interest rates, marking his latest swipe at policy makers in reaction to the stock market's tumble on Wednesday. "I think the Fed is making a mistake", he said before a rally with his supporters in Erie, Pa.

Ahead of a campaign rally for the USA mid-term elections, Trump told reporters: "I think the Fed is making a mistake".

They include the USA trade war with China and the potential impact on global growth while rising bond yields have diverted attention from equities - stocks - which have been offering the most attractive returns for years because central bank stimulus had flooded markets with cheap money.

"It's a correction we have been waiting for a long time", Trump said.

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"I believe this selling is an overdone panic", Feinseth said.

The Dow Jones Industrial Average has plunged more than 800 points, its worst drop in eight months, led by sharp declines in technology stocks. The criticism is also unusual given that Jerome Powell, the Fed chairman, was appointed by Mr...

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. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics. USA consumer price inflation is now above 2 percent annually and the unemployment rate is the lowest in about 40 years.

Trump said Tuesday that the economy is enjoying "record-setting" numbers and "I don't want to slow it down even a little bit, especially when we don't have the problem of inflation".

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Powell's goal is to extend the second-longest USA economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth. Officials expect to hike rates another quarter percentage-point by the end of this year and gradually continue to raise rates at least through 2019.

"There are a number of worries for investors right now, from the pace of rising bond yields and the impact on investor sentiment, to Italy's populist coalition playing a game of chicken with the European Commission, stalling Brexit negotiations and the ongoing trade conflict between the U.S. and China", said Craig Erlam, senior market analyst at Oanda trading group. He has repeatedly criticized the central bank for raising interest rates this year, decisions aimed at preventing the economy from overheating.

Last week's jump in yields followed strong USA data but many analysts have been anticipating a change in the dynamics in the bond market due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes. "It is doing well", Trump said.

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