Economy

Trump Takes Swipe at Fed as Stocks Tumble

Trump Takes Swipe at Fed as Stocks Tumble

Trump's public criticism of the Federal Reserve, whose chairman, Jerome Powell, Trump appointed, is a sharp departure from his recent predecessors.

Despite Wednesday's sell-off, the S&P 500 would still need to more than double its losses. Netflix, for example, is still up more than 60 percent for the year, and Amazon is up almost 50 percent. "I think we don't have to go as fast". "It's all about investors rethinking their exposure to stocks."Many of the biggest U.S. names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than four percent and Amazon, Nike and Microsoft shedding more than five percent".

In fact it is his policies that are behind the changes: tax cuts and spending policies are expected to juice the economy, adding to the Fed's justification to raise interest rates, while trade conflicts raise costs for companies, which could hit the bottom line in quarterly earnings - something analysts said helped prompt Wednesday's sell-off.

President Donald Trump again criticized the Federal Reserve for raising interest rates following the worst market sell-off since February. The Dow and the S&P 500, the benchmark for many index funds, both lost more than 3 per cent, and the NASDAQ fell more than 4 per cent. "But I really disagree with what the Fed is doing, okay?"

Last week's jump in yields followed strong United States data but many analysts have been anticipating dynamics in the bond market to change due to expectations that central banks in Europe and Japan will soon phase out bond-buying programmes.

More news: Euro Plummets Near Seven Week Low On Italy Budget Distress

The Federal Reserve is mandated by Congress to aim for low inflation and low unemployment.

The central bank's preferred measure of inflation is roughly at policy makers' 2 percent objective, and Powell said last week that "the outlook of forecasters inside and outside the Fed is for more of the same". "The Fed will stay on a measured pace".

"I stood on the floor in the crash of '87, so this is nothing", Benedict said. "It's not a crash yet". Berkshire Hathaway dipped 4.7 percent to $213.10 and reinsurer Everest Re slid 5.1 percent to $217.73.

Sears nosedived after the Wall Street Journal reported that the struggling retailer hired an advisory firm to prepare a bankruptcy filing that could come within days. It was more than $40 five years ago. Tiffany plunged 10.2 percent to $110.38 and Ralph Lauren fell 8.4 percent to $116.96.


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