Trump calls stock sell-off a correction, says Fed ‘crazy’

Trump calls stock sell-off a correction, says Fed ‘crazy’

US President Donald Trump informed reporters on Tuesday that he's unhappy with the US Federal Reserve's pace of interest rate hikes following the Fed's September rate lift.

Trump's use of the word "correction" to describe the sell-off could be significant.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the USA economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.

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Mr Trump said: "I like to see low interest rates".

United States long-dated Treasury yields rose again in extension of a trend over the last few weeks fueled by solid USA economic data that reinforced expectations of multiple interest rate hikes over the next 12 months. "But I really disagree with what the Fed is doing, okay?" He frequently celebrates publicly when the stock market reaches new highs, pointing to the gains as affirmation for his economic policies.

Trump's comments echo his previous criticisms of recent months, which broke more than two decades of White House tradition of avoiding comments on monetary policy out of respect for the independence of the US central bank.

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