Published: Fri, October 12, 2018
Markets | By Noel Gibbs

Trump says Chinese 'lived too well for too long'

Trump says Chinese 'lived too well for too long'

The yield on 10-year U.S. Treasury bonds reached a seven-year high this week of 3.25 percent (it receded some Wednesday as stocks dropped), up from 2.82 percent in August. The Fed is an independent body and presidents in recent decades have avoided commenting publicly on its actions.

Donald Kohn, who served for eight years on the Fed board, said he thought Trump's criticism would have no effect on Fed policy. Three have PhDs in economics and three have law degrees.

But International Monetary Fund chief Christine Lagarde hit back on Thursday, defending rate hikes that she said were justified by fundamentals.

"I stood on the floor in the crash of '87, so this is nothing", Benedict said. As the economy heats up, pushing prices higher the central bank raises rates to prevent inflation from gaining hold.

Lawler said Trump's corporate tax cuts have shielded US companies from global concerns.

The Fed, as you know, is gradually raising short-term rates to unwind the zero-percent rates it imposed in 2008-2009 to combat the financial crisis. It is often tied to higher costs of borrowing for the federal government, which can spook investors.

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And the housing sector is especially sensitive to the longer-term interest rates set on the bond market, which in turn determine mortgage rates.

Trump previously criticized the Fed for allowing too much money into the economy in several tweets from 2011, before he became the president.

From its beginning, the Fed was created to insulate it from political pressures.

"We're quite removed from the political process", Powell said in an interview last week at the Atlantic Festival in Washington. "We don't let other things distract us".

Larry Benedict, founder of the Opportunistic Trader, said that even while some of the largest names in tech - including Netflix, Amazon, Google and Facebook - saw some of the steepest dips, they are all up significantly for the year. It is also expected to raise rates again by the end of the year. "It is doing well", Trump said.

In July, the president complained about the Federal Reserve raising interest rates.

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During that same September meeting, the Federal Reserve hiked the benchmark interest rate by one-quarter of a percentage point, the third such increase so far this year. "That doesn't seem especially surprising".

And while he acknowledged higher rates helped savers, he criticized the Federal Reserve's tactics as 'too aggressive'. U.S. President Donald Trump commented the Fed has "gone crazy" and "is making a huge mistake", on Wednesday.

The steep drop in Asia followed Wednesday's plunge in NY, with the Dow Jones dropping almost 830 points - the biggest fall since February - after Trump's latest criticism of the Federal Reserve. "Where is the inflation that they are fighting?"

"The markets are fraught with peril", warned Stephen Innes, head of trading at OANDA, adding there was a "horrible intersection of risk aversion" from the US-China trade conflict and rising US interest rates. Economic growth has improved, and Republicans have taken steps to cut taxes and regulations.

Numerous biggest U.S. names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than 4% and Amazon, Nike and Microsoft shedding more than 5%.

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