He’s after the Federal Reserve for spoiling his ability to gloat about a Stock Market that has been falling for the past week or so…That after the market has been going thru the roof…..
The prospect of rising interest rates AND….His Trade war? has give some investors the jitters….And a Economy becoming TOO Good…..
The Fed is SUPPOSED to be independent of the White House…
Let’s see how Trump handles THAT…
He’s NOT big into independent governmental organization and people….
President Trump on Wednesday said the Federal Reserve “has gone crazy” with a series of planned interest rate increases after U.S. stocks suffered their worst daily losses since February.
Trump told reporters on Air Force One that the Fed had raised rates too quickly after being asked his reaction to Wednesday’s massive stock sell-off, according to pool reports.
The Dow Jones industrial average dropped 831 points Wednesdayafternoon, losing 3.2 percent on the day. The Nasdaq composite fell 4 percent and the S&P 500 lost 3.3 percent as investors sought safe havens from rising interest rates.
“No, I think the Fed is making a mistake. They’re so tight,” Trump said. “I think the Fed has gone crazy. So you can say that, ‘Well that’s a lot of safety actually.’ And it is a lot of safety, and it gives you a lot of margin. But I think the Fed has gone crazy.”
Trump said the Wednesday stock slide was “actually … a correction that we’ve been waiting for for a long time,” but reiterated his frustration with the Fed.
“I really disagree with what the Fed is doing, OK?” Trump said.
Trump has regularly bashed the Fed since July, when he told CNBC he was “not thrilled” with the central bank’s plans to raise interest rates. The president has also criticized Fed Chairman Jerome Powell, who Trump appointed to the position last year, for not keeping rates lower.
The Fed has raised interest rates eight times since 2015 and six times since Trump took office as it seeks to return to neutral monetary policy. The bank must raise rates quickly enough to prevent rampant inflation, but slowly enough to allow maximum sustainable economic growth….