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techkenyot.com March 21, 2019


White House says economy 'incredibly strong' after stock-market dive

11 October 2018, 03:56 | Hattie Nash

White House says economy 'incredibly strong' after stock-market dive

White House says economy 'incredibly strong' after stock-market dive

President Donald Trump blamed the Federal Reserve for Wednesday's 832-point stock dive.

Ahead of a campaign rally for the U.S. mid-term elections next month, Trump told reporters: "I think the Fed is making a mistake".

"I think the Fed has gone insane", he said. "Actually, it's a correction that we've been waiting for for a long time".

"I believe this selling is an overdone panic", Feinseth said. The Fed has predicted that unemployment will remain below 4 percent through 2020 and inflation is expected to track around 2 percent, conditions that Federal Reserve chief Jerome Powell called "remarkably positive".

The Fed, which is statutorily independent of the executive branch, has not faced significant political pressure in many decades, although the Richard Nixon administration is on record as having a heavy hand over the Arthur Burns-run Fed in the 1970s.

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Later on Wednesday in an interview on Fox News, Trump dismissed the idea that trade tensions with China caused the dive. "The Fed has gone insane". "The trade war with China, we're taking in billions of dollars in tariffs from China, from Chinese goods, and it hasn't hurt us at all". No, that wasn't it. "The Fed increasing rates to me was a sign that the economy was able to stand on its own two feet". The Fed is going wild.

At the time, Trump bashed the rate hike, adding that he would "rather pay down debt or do other things".

Earlier, Asian markets saw sharp drops as US President Donald Trump said the US Federal Reserve had "gone crazy" with plans for higher interest rates.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the United States economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.

The FTSE 100 opened 1.5% lower - hovering just above the 7000 point level - following a 1.3% decline on Wednesday.

Dow Jones Industrial Average plummets 831 points on Wednesday trading
Meanwhile struggling retailer Sears was in focus as the Wall Street Journal reported that it was preparing to file for bankruptcy. The 10-year Treasury yield remained at 3.20 percent, about where it was late Tuesday, after earlier touching 3.24 percent.

All 30 Dow stocks were in the red, sending the index below 26,000 points for the first time in a month. The S&P 500 lost 94 points, or 3.3 percent, to 2,785.

The S&P 500 posted its fifth straight decline, plummeting almost 3.3%.

O'Hare attributed the losses to worries about higher interest rates but also cited a "broad-scale deterioration in sentiment" as investors realized that the pullback on Wall Street failed to prompt bargain hunting to stabilize prices, as has been the norm in recent years.

And while stocks could get a boost from strong corporate earnings, there are concerns the United States trade conflicts will start to undermine profits.

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