Trump calls stock sell-off a correction, says Fed ‘crazy’

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

The steep drop in Asia followed a decline on Wall Street of almost 830 points, the biggest fall since February, amid Trump's latest criticism of the Federal Reserve, the U.S. central bank. As stocks go down, tech goes down more than the stock market, ' she said. Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy.

The 10-year Treasury yield rose to 3.22 percent from 3.20 percent late Tuesday after earlier touching 3.24 percent. Rates on many types of loans, such as those for mortgages and cars, tend to be tied to the government bond. An additional 1.5-percentage-point fall would confirm a correction for that index. Meanwhile safe bets, such as utilities and consumer staples, were the only positive notes in the sell-off. "Now at some point" inflation will come back, he said. "That suggests the Fed will keep raising rates, and that's taking the wind out of the stocks that have done the most, particularly in the tech sector".

"Yes, they're down, but they're definitely the best performers", Benedict said.

The yield on the 10-year U.S. Treasury note is a closely watched number as a signal of where the U.S. economy is headed. "It's all about investors rethinking their exposure to stocks."Many of the biggest USA 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". Instead, U.S. equity markets have kept going up.

Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.

Trump's comments echo his previous criticisms of recent months, which broke more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the USA central bank. Unemployment fell last month to a 49-year low of 3.7 per cent. The Fed aims to raise rates to about 3 percent.

Japanese stocks plunged by more than three percent Thursday following the worst session on Wall Street for months, as US President Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

Khashoggi case should not be politicized, says United Nations expert
Yet Jamal did not think the Saudis could force him to stay at the consulate in Turkey, even if they wanted to arrest him. Of the crown prince , who is often referred to as "MBS", Corker went on to say, "MBS is a person of the future".

Google Pixel 3 to launch on November 2nd in France, retailer claims
Gboard, the keyboard built into your Pixel 3, will recommend GIFs, stickers and more, to make your conversations fun and engaging. What's important is that the ppi - pixels per inch - remains high so that the display is capable of showing fine details.

Heat interested in restarting Butler trade talks
As the GM watched on the sidelines during a scrimmage, sources said that Butler yelled to Layden: "You f--ing need me, Scott". Butler had previously been excused from training camp and preseason games as the team dealt with his trade request.

Trump blamed the Federal Reserve - and his appointee Powell - for the big drop Wednesday.

"The Fed is making a mistake".

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".

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the losses caught him off-guard, he thought many investors were unduly frightened by the rising rates. "But I really disagree with what the fed is doing. OK?"

Currency investors took shelter in the safe-haven yen, resulting in steep losses for Japanese exporters, with electronics giant Sony down almost five percent as blue-chip firms flashed red across the trading board.

"I stood on the floor in the crash of '87, so this is nothing", Benedict said. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent. It was more than $40 five years ago.

Related News:

  • #WorldMentalHealthDay: Raising awareness on mental health issues globally

    "Suicide is the most extreme and visible symptom of the larger mental health emergency we are so far failing to adequately address".
    CC Sabathia Critical Of Angel Hernandez Following Loss

    CC Sabathia Critical Of Angel Hernandez Following Loss

    The 2016 AL Cy Young Award victor entered with a 0-3 in 12 previous postseason appearances, which included four starts. He was awful behind the plate today", Sabathia told reporters after the game, per Tim Healey of Newsday .
    South Korea eyes lifting of some sanctions against North Korea

    South Korea eyes lifting of some sanctions against North Korea

    Trump said "eventually we're going to have lots of meetings on USA soil and on their soil by the way". They said the North Korean leader appeared simply to be repackaging and dragging out past pledges.
  • Hands-On With Google Home Hub: Google’s First Smart Display

    At launch , Google partnered with Lenovo and JBL to bring the Smart Display to market, opting not to build one of their own. Keep in mind though, that both of those devices have larger screens than the 7-inch display on the Google Home Hub .
    Sears hires advisers for bankruptcy filing

    Sears hires advisers for bankruptcy filing

    While much of his focus revolved around Sears's online presence, upkeep on physical stores has diminished. Where we were: Sears's struggles are nothing new, and have been an overhang for some real estate owners.
    Prince William Makes a Corny Dad Joke at Kate Middleton's Expense

    Prince William Makes a Corny Dad Joke at Kate Middleton's Expense

    Last month Prince William opened up about the emotional toll of witnessing suffering during his time as an air ambulance pilot. Kate Middleton and Prince William stepped out in London on Tuesday to attend the Global Ministerial Mental Health Summit .
  • Florida comes under a hurricane watch as Michael rapidly strengthens

    Florida comes under a hurricane watch as Michael rapidly strengthens

    The bottom line is that tropical storm force winds are likely, meaning winds ranging from 40 miles per hour to as high as 70+. A tropical storm warning means that tropical storm conditions are expected somewhere within the warning area within 36 hours.
    Lana Del Rey Confronts Azealia Banks

    Lana Del Rey Confronts Azealia Banks

    She criticizing Del Rey's appearance , saying she had bad plastic surgery and making other body-shaming comments. On Oct. 9, Del Rey clapped back at Banks with this tweet: "Pull up anytime". "I won't not f**k you the f**k up".
    Vikas Bahl issues legal notice to Anurag Kashyap and Vikramaditya Motwane

    Vikas Bahl issues legal notice to Anurag Kashyap and Vikramaditya Motwane

    However, the piece was also critical of Mr Kashyap's way of handling the matter, including the delay in calling Vikas Bahl out. Unfortunately, the film industry knew of their actions but chose to remain silent and with it every victim was silenced.
  • Strictly Come Dancing's Seann Walsh and Katya Jones apologise for 'drunken kiss'

    Strictly Come Dancing's Seann Walsh and Katya Jones apologise for 'drunken kiss'

    I was alone at home when Seann texted at 10pm, saying the two of them [he and Katya] were going for one innocent drink. I'm still sorry for what I did, but it's very important for me to get that out there".

    Wall Street tumbles as investors take the knife to tech companies

    The Dow Jones Industrial Average fell 3.15 percent, the S&P 500 lost 3.29 percent, and the Nasdaq Composite dropped 4.08 percent. It followed a bleak session in Europe, where Germany's Dax and France's Cac 40 had each ended the day more than 2% lower.
    Ice shards 15 metres high 'cover' Jupiter's moon

    Ice shards 15 metres high 'cover' Jupiter's moon

    Any robotic spacecraft landing on the moon will have to navigate its way around lethal obstacles, a new study suggests. This process leaves behind distinctive, blade-like formations called penitentes .


Most liked

Italy and France far-right leaders slam Brussels 'bunker'
Italy is the third biggest economy in the Eurozone with an industrial base second only to Germany. The Milan stock exchange lost 300 points with banks taking the hardest hit.

Fiery pipeline explosion in BC raises possibility of natural gas shortage
The rupture occurred on a 36-inch transmission pipeline carrying sweet natural gas that ignited. Residents previously evacuated can return home.

Sophie Cabot reveals photos showing her baking Eugenie and Jack's wedding cake
The 28-year-old princess, who is ninth in line to the throne, is due to marry liquor company executive Brooksbank Friday in St. Jack proposed to Eugenie, whose mum is Sarah, the Duchess of York, with a padparadscha sapphire ring surrounded by diamonds.

Netflix's The Witcher Casts Ciri and Yennefer
We already have our Geralt of Rivia in Henry Cavill , and now we know who'll be joining him for The Witcher Netflix series. Chalotra, a relatively new actress, now only has two acting credits in that of The ABC Murders and Wanderlust .

Stardew Valley Is Headed To Smartphones With iOS Version Arriving October 24
The iOS version is coming to iPhone and iPad via Apple's App Store on October 24th, priced at £8/€9/$8 (how does THAT work?). Not only will the game cost a very reasonable $7.99, but it will include all of the version 1.3 single-player content.

Taylor Swift breaks Whitney Houston's American Music Awards record
The singer made her first awards show performance at the AMAs in three years with " I Did Something Bad ". She urged her fans to get educated on the candidates for their states, then get out and vote , as well.

Rare 'polio-like' disease reported in Minnesota and Colorado
All the children showed systems of a respiratory illness the week before developing symptoms of AFM. This follows an unusual rise this year in cases of acute flaccid myelitis (AFM) in several states.

Stocks Just Suffered Their Worst Loss in Months. Here's Why
The benchmark US stock index hadn't suffered a five-day losing streak since November 2016, just before the presidential election. Higher rates can slow economic growth, erode corporate profits and make investors less willing to pay high prices for stocks.

Authorities: 'Real Housewives' husband Joe Giudice to be deported
The couple shares four children together - 17-year-old Gia, 14-year-old Gabriella, 13-year-old Milania and 9-year-old Audriana. Joe Giudice will be deported back to Italy once he's released from prison next year, according to a judge's ruling today.

Space telescope Hubble has failed
Assuming the team can rescue the malfunctioning gyroscope, Hubble will resume operations in its standard three-gyro configuration. Rachel Osten of the Hubble team confirmed that something is wrong with the telescope's gyroscopes, which it uses for orientation.

Fabinho speaks out after quiet start to Liverpool career
But under their new manager Unai Emery, the Gunners have made sure they keep a close eye on the league leaders and now just 2 points behind them.

Climate report understates threat
The impacts of 1.5°C of warming and the possible development pathways by which the world could get there are its main focus. For instance, the Arctic is already experiencing warming that is many times higher than the global average.

Sydney at odds over horseracing adverts on opera house roof
NSW Premier Gladys Berejiklian has backed Alan Jones' position in favour of horse race advertising on the Sydney Opera House. Why not put it on the biggest billboard Sydney has", Morrison, a former head of Tourism Australia, told reporters.

Google announces its first tablet in three years, the Pixel Slate
The Pixel 3 and its big brother also have a dedicated security chip - the Titan M, which keeps the OS and your passwords secure. The Pixel 3 and Pixel 3 XL obviously both ship with the latest and greatest version of Android, which is Android 9.0 Pie.

McConnell says challenging Trump in 2020 'a waste of time'
Add Supreme Court as an interest to stay up to date on the latest Supreme Court news, video, and analysis from ABC News. And on Monday evening he was the guest of honour at a ceremonial swearing-in at the White House.