Trump 'disappointed' in Fed chair Jerome Powell as global stocks tumble

The Dow took a beating Wednesday

"I think the Fed has gone insane", he said. "It's so tight. I think the Fed has gone insane", Trump told reporters as he arrived for a campaign rally ahead of the USA mid-term elections. "But I think the Fed is far too stringent, and they're making a mistake, and it's not right".

"It's a correction we have been waiting for a long time", Trump said.

Trump has repeatedly touted the spate of Wall Street records as proof of the success of his economic program, including his confrontational trade strategy, and criticized the Fed for raising the benchmark interest rate - three times this year - saying it would undermine his efforts. "The president is not dictating policy to the Fed.They are independent". "Interest rates are still accommodative but we are gradually moving to a place where they will be neutral", he said, adding that the United States economy was a "long way from neutral (interest rates) at this point, probably". While this isn't too surprising it also appears to show a tin ear to the company's reputation on the high street where the company was again voted the UK's worst high street retailer by "Which" magazine earlier this year.

US President Donald Trump looks on as Federal Reserve Chairman Jerome Powel speaks at the White House. An increase in interest rates makes debt more expensive, while a corresponding decrease can make it cheaper. As the New York Fed chief, Mr. Williams has a permanent vote on monetary policy and is a close ally of Fed Chairman Jerome Powell.

US President Donald Trump speaks during a briefing on Hurricane Michael in the Oval Office of the White House in Washington, DC, October 10, 2018.

Trump's statement comes after stocks plunged on Wednesday.

Due to the relationship between Powell's comments, the rapid rise in Treasury yields and the steep sell-off in USA equity markets, the central bank chief has raised the ire of a few officials. This implies they now see a greater possibility that growth and short-term interest rates could surprise by rising faster than forecasters now project.

Asked if he might dismiss the Fed chair, Trump replied: "No, I'm not going to fire him".

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"The problem that I have is with the Fed".

Treasury Secretary Steven Mnuchin said Friday the U.S. economy remains strong, and the recent decline in the stock market was "just a natural correction".

"I think the Fed is out of control".

The selloff came a day after the International Monetary Fund said the world economy is plateauing and cut its growth forecast for the first time in more than two years, blaming escalating trade tensions and stresses in emerging markets.

Tech and luxury stocks have been among those to feel the worst pain in the sell-off. If it's trading at 110 percent of face value, it's got a "current yield" of only 3.64 percent and a "yield to maturity" (when it pays off at 100 and the 10 percent premium disappears) of even less.

The Federal Reserve is mandated by Congress to aim for low inflation and low unemployment.

"Interest rate put aside, the Sino-US trade spat is to blame for the October market rout because people are anxious the friction would evolve into a political confrontation", Guangzhou Wanlong Securities said in a research note. "It is doing well", Trump said.

USA markets look set to pick up where they left off last night in the wake of today's continuation of selling pressure with further losses looking likely with the main focus set to be on the latest CPI inflation numbers for September.

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