Trump says Fed has gone crazy
In an unprecedented criticism by a serving US President, Donald Trump said the Federal Reserve has gone crazy after the Dow Jones Industrial Average...
Washington: In an unprecedented criticism by a serving US President, Donald Trump said the Federal Reserve has ‘gone crazy’ after the Dow Jones Industrial Average tumbled by over 800 points, the biggest fall in more than seven months. In a brief interaction with reporters on Wednesday and later in comments to Fox News, Trump said the US central bank was "too aggressive" in raising interest rates. "I think they're making a big mistake," Trump said on Fox & Friends.
While acknowledging that higher rates helped savers, he criticised the Federal Reserve's moves. "They're being too aggressive," Trump said. When asked about the steep fall of the stock market, Trump said he was not worried about it. "I think the Fed is making a mistake. They're so tight. I think Fed has gone crazy," he said.
According to the Wall Street Journal, the Dow industrials extended their steepest October retreat since the financial crisis, posting an 832-point decline that raises fresh concern about the health of the nine-year-old bull market for stocks.
"The Fed's more-restrictive stance has joined with other signals to unsettle investors even as major US indexes rose to new highs," the financial daily said.