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US President Donald Trump broke with tradition and criticized the leadership of the Federal Reserve as it decided to raise interest rates and set off worldwide markets into a continued massive drop.
Mr. Trump, on his way to a rally in Pennsylvania, said that the market had been waiting for a correction like this but also claimed the US central bank was making a mistake.
“I think the Fed is making a mistake. They’re so tight. I think the Fed has gone crazy,” President Trump told reporters.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">WATCH— President Trump: “I think the Fed is making a mistake. They’re so tight. I think the Fed has gone crazy…” <a href="https://t.co/ocRLvd570D">https://t.co/ocRLvd570D</a> <a href="https://t.co/oWWwpz96G3">pic.twitter.com/oWWwpz96G3</a></p>— CNBC Now (@CNBCnow) <a href="https://twitter.com/CNBCnow/status/1050138854546698241?ref_src=twsrc%5Etfw">October 10, 2018</a></blockquote>
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“Actually, it’s a correction that we’ve been waiting for, for a long time. But I really disagree with what the Fed is doing.”
The Dow Jones lost a staggering 832 points in it’s third worst day by points ever.
Investors are worried about rising interest rates which they fear will put a brake on the growing US economy and are sending worldwide markets sharply down.
In the end, all 30 Dow stocks were in the red which sent the index below 26,000 points for the first time in a month. The S&P 500 also posted a decline for a fifth straight day, plummeting nearly 3.3%. The worst performers were on the tech-heavy Nasdaq, which dropped more than 4% in the worst percentage decline since June 2016.
<blockquote class="twitter-tweet" data-lang="en"><p lang="en" dir="ltr">President Trump Blames Powell For Market Massacre: Fed Has "Gone Crazy" <a href="https://t.co/t2LOD0pWtj">https://t.co/t2LOD0pWtj</a></p>— zerohedge (@zerohedge) <a href="https://twitter.com/zerohedge/status/1050137842079404033?ref_src=twsrc%5Etfw">October 10, 2018</a></blockquote>
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The drops continued in Asia today where the Japan Nikkei lost 3.9% and the major stock markets in China, the Shanghai Composite, and the Hang Seng, dropped 3.9% and 3.8% respectively.
The Fed, of whom President Trump has been critical for a long time now, last month abandoned its description of its policy as "accomodative", claiming that the US economy was strong enough not to need the kind of stimulus it received in the form of low-interest rates.
Source:
https://www.foxbusiness.com/economy/trump-fed-has-gone-crazy-as-it-raises-interest-rates
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Just as predicted. Crash the markets before mid terms. They are getting reliably predictable.
Remember what the BanKHAZAR$ did to Bu$h 43 - again and again - until he went along with their whims for another interventionist police action?
Well, it’s happening AGAIN!
Trump's right. The Fed accommodated fraud Obama by keeping interest rates at zero during his 8 year reign of error.
Crap Fed, Time to go. Rothschilds no longer.