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Washington - Trump Calls Stock Selloff 'a Correction,' Says Federal Reserve Is 'crazy'

Published on: October 10, 2018 06:56 PM
By: Reuters 
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A headline scrolls on a television screen on the floor of the New York Stock Exchange, Wednesday, Oct. 10, 2018. Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks. (AP Photo/Richard Drew)A headline scrolls on a television screen on the floor of the New York Stock Exchange, Wednesday, Oct. 10, 2018. Stocks are extending their slump on Wall Street, led by drops in big technology companies, as rising bond yields draw investors out of stocks. (AP Photo/Richard Drew)

Washington - U.S. President Donald Trump said Wednesday’s stock market selloff was in fact a long awaited “correction,” and that the Federal Reserve, which has been raising U.S. interest rates, has gone “crazy.”

Trump’s use of the word “correction” to describe the selloff could be significant. A stock market correction is defined as a fall of at least 10 percent from the high point of the last 52 weeks.

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“Actually it’s a correction that we’ve been waiting for a long time, but I really disagree with what the Fed is doing,” Trump told reporters before a political rally in Pennsylvania.

“I think the Fed has gone crazy,” Trump said.

U.S. stocks tumbled on Wednesday, with the S&P 500 and the Dow marking their biggest daily declines since Feb. 8, and technology stocks were at the center of the carnage as rising U.S. Treasury yields sent investors fleeing from risky assets.

U.S. long-dated Treasury yields rose again in extension of a trend over the last few weeks fueled by solid U.S. economic data that reinforced expectations of multiple interest rate hikes over the next 12 months.



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Read Comments (5)  —  Post Yours »

1

 Oct 10, 2018 at 07:21 PM Anonymous Says:

You had 2 good years left over from Obama. Its over now. Stocks going down big and you going down with them just like Nixon did.

2

 Oct 10, 2018 at 08:13 PM Anonymous Says:

This makes Trump responsible for 2 out of 3 of the largest drop in history. What a looser. Now he blames the Feds. Obama and Hillary is laughing.

3

 Oct 10, 2018 at 10:57 PM I think the Fed has gone crazy Says:

The Chair of the Fed. Jerome Powell.

Went to Georgetown Preparatory School.

(Same uber expensive and exclusive boarding school in the US. BTW: Same school as Justice Brett Kav!)

Appointed by TRump.

4

 Oct 11, 2018 at 07:14 AM Educated Archy Says:

Reply to #1  
Anonymous Says:

You had 2 good years left over from Obama. Its over now. Stocks going down big and you going down with them just like Nixon did.

Dream on . Nixon was a whimp and resigned after 18 months . Trump ain't resigning even if impeached . You won't even get enough vote for dems to take the senate to impeach let alone 2/3 to remove .

Keep on dreaming ! So far he is under investigation for longer than Nixon and still standing .

Trump is prez 4-8

Re the stock market . It's called a correction . Last big dive we went right back up after it . And it's fake news to call it a dive if it was a one week blip

5

 Oct 11, 2018 at 09:07 AM georgeg Says:

Reply to #2  
Anonymous Says:

This makes Trump responsible for 2 out of 3 of the largest drop in history. What a looser. Now he blames the Feds. Obama and Hillary is laughing.

"2 out of 3 of the largest drop in history"

Sounds like a statement that belongs in the repertoire of the middle (or even dark) ages. The news claims that these are the largest one-day point drops in history.That is like claiming the largest one-day number of deaths in history. As populations grows (over 7 billion now), there will be more number of deaths. How about considerations like "percentage" of the population (and longevity and quality of life).

Of course the number of points that drop will be larger. That is because the number of points it has grown is so much more than ever in history. But how about the "percentage" drop? As a percentage, one of these Trump "records" is (from businessinsider) only 3.2% compared to, as example, "Black Monday: in 1987 that fell 22.6%!

To quote AJC from February (which was worse than the current):"While the point-decline (February) was the worst in history, Monday’s numbers were nowhere near the worst stock market crashes in American history by percentage."

6

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