Trump says Fed is 'out of control'

The Federal Reserve is not pleasing President Trump with its policy on interest rate increases

With significant drops in the Dow Jones Industrial Average, S&P 500, and broad-based stock market indexes, President Trump said markets are in a "correction", and decried the Federal Reserve's recent rises in interest rates and signals for more to come.

During a rally in Pennsylvania on Wednesday night, Trump said he didn't believe the Fed was accurately adjusting its interest rate policy in line with US economic data.

The Federal Reserve can likely stop raising United States interest rates once they reach about 3 per cent, as long as inflation remains around 2 per cent and the economy is doing well, Chicago Federal Reserve President Charles Evans suggested on Wednesday. "I think our nominees have been absolutely first rate". Since the close of Wednesday's trading session on Wall Street he has called the Fed "crazy", "loco", "ridiculous", and "too cute", while saying its rate increases are "too aggressive", and "a big mistake".

Stocks have sold off in recent days on worries about higher borrowing costs.

The Tel Aviv Stock Exchange was down more than two percent, Shanghai plummeted almost 5% while Tokyo and Hong Kong both shed around 4%, as investors fretted about surging interest rates and the ongoing US-China trade war.

But the Federal Reserve has been gradually raising its interest rates since 2015, bringing the target for its benchmark rate to a range of 2% to 2.25% last month. "I like to stay uninvolved", Trump said. Fed officials including Powell, Trump's handpicked chair, have said pointedly that they will not be influenced by comments from elected officials, and will make decisions based on economic data.

Trump said the downslide of the stock was in fact a course correction.

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Against this background, Wheeler said greater efforts must be made to "help young people build mental resilience". Chance's tweet drew praise from others on Twitter, with many expressing thanks for his empathy.

"And we just try to do the right thing for the medium and longer term for the country". The central bank expects to raise the federal funds rate one more time in 2018 and three times in 2019.

Trump himself later told reporters he would not try to oust Powell, Trump's handpicked successor to former Fed chair Janet Yellen, and a well-regarded insider in moderate Republican circles.

Fed spokeswoman Michelle Smith declined to comment on Trump's remarks.

"The Fed's reckless policies of low interest and flooding the market with dollars needs to be stopped or we will face record inflation", he said in the other.

Some of his former advisers said they believed Trump's criticisms of the central bank were warranted.

Trump has previously criticized the Federal Reserve for its interest-rate hikes and said it did not "have to go as fast". And tech stocks got hit particularly hard.

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