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.

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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.

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