Trump Slams France, Macron, Demands NATO Countries 'Pay Up'
Non-OPEC Oil Output Soars Despite Price Slide
Boeing Tumbles as Bad News Multiplies for Cash Cow 737 Max
Mnuchin plays down U.S. market swoon as global rout rolls on
11 October 2018, 05:58 | Kelvin Horton
President Donald Trump again criticized the Federal Reserve for raising interest rates following the worst market sell-off since February. "It's so tight. I think the Fed has gone insane", Trump told reporters shortly after markets closed, as he arrived in Erie, Pennsylvania for a rally.
He adds, "I think the Fed has gone insane".
Wall Street's rout is a natural correction and not caused by any particular factors, US Treasury Secretary Steven Mnuchin said Thursday, after his boss Donald Trump hung blame for the losses on US interest-rate increases.
The president took aim at the Federal Reserve, led by Jerome Powell whom he personally chose to lead the bank, after the Dow Jones Industrial Average fell 3%, or more than 800 points, in Wednesday trading - its worst drop in eight months.
The Federal Reserve can likely stop raising United States interest rates once they reach about 3 per cent, as long as inflation remains around 2 per cent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday.
Bank of England Governor Mark Carney also joined in, saying "I think the sanest way to answer that question is to associate myself entirely with Lesetja's answer".
"I wonder today whether Trump really has some buyer's remorse with respect to selecting Powell as his Fed chairman, because that was a odd pick", Moore said.
Mr. Trump said earlier this week that he thought the central bank was moving too quickly with a series of planned interest rate hikes. "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all".
The Fed traditionally remains outside the purview of the President, though Trump has at moments blurred the lines by commenting on Fed policy. 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.
White House Press Secretary Sarah Huckabee Sanders said in a statement following the close of markets that the USA economy is "incredibly strong" despite the sell-off. "President Trump's economic policies are the reasons for these historic successes and they have created a solid base for continued growth".
Some of his former advisers said they believed Trump's criticisms of the central bank were warranted.
Trump has said he likes low interest rates, in part because of his background in real estate.
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".
Google Plus to close after data exposed
It opted not to report it, "in part because of fears that doing so would draw regulatory scrutiny and cause reputational damage". The search giant states that it wasn't able to maintain "a successful Google+ product that meets consumers' expectations".
Google Pixel 3 and 3 XL Arrive October 9th
One of the highlights of the Google Pixel Slate is the detachable keyboard accessory which features circular keys and a touchpad . Out of the two front cameras, one has the standard lens and the second has a wide angle lens for taking group selfies.
Samsung launches world’s first four-camera smartphone
And that's not where the cameras end, since there is a 24MP front-facing camera with f/2.0 for all selfies and video calls. The primary camera is a 24-megapixel sensor with an f/1.7 aperture that handles most of point-and-shoot needs.
Trump calls USA stock sell-off 'a correction'
After a long stretch of relative calm, the stock market has suffered sharp losses over the last week as bond yields surged. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.