‘I think Fed has gone crazy’: Trump blasts the Federal Reserve for its rate hikes and says the market is in a ‘correction’ as the Dow Jones plunges 800 points and tech stocks tumbleDow Jones Industrial average fell 831 points, or 3.1 percent, on WednesdayBig tech companies such as Amazon and Netflix led the stock market declinesRising bond yields have been luring many investors out of the equity marketInvestors also fear that rising interest rates could crimp corporate profits
President Donald returned to bashing the Federal Reserve after a rocky day on Wall Street that saw the Dow Jones Industrial Average plunge more than 800 points, its worst drop in eight months.
Trump also said the market was in a ‘correction’ – a term normally associated with a steep 10 per cent drop in market value.
The president told reporters on the airport tarmac en route to a rally in Erie, Pennsylvania following the stock drop that the Federal Reserve ‘has gone crazy.’
Trump has previously gone after the Fed’s slow series of interest rate hikes, even as he has hailed the steady growth of the U.S. economy and some of the lowest unemployment rates in decades.
‘I think Fed has gone crazy,’ President Donald Trump said on a day the Dow Jones lost more than 800 points amid a market sell-off
‘No, I think the Fed is making a mistake. They’re so tight. I think Fed has gone crazy,’ Trump said.
‘So you can say that, ‘well that’s a lot of safety actually. And it is a lot of safety, and