Trump on 831 Stock Market Drop: Fed Has Gone Crazy

I don't like Fed raising interest rates so quickly, says Trump

Dow Jones plunges 800 points as tech stocks tumble

President Donald Trump again criticized the Federal Reserve for raising interest rates following the worst market sell-off since February. A spike in Treasury yields and solid USA economic data have sparked concerns that the Federal Reserve may pick up the pace of its interest rate hikes.

Taipei and the Shenzhen Composite Index - which tracks stocks on China's second exchange - were both down around 6%.

Taiwan plunged almost 6%, with Seoul down 3% and Sydney and Singapore both falling 2%.

Trump's latest attack on the US central bank appeared to blame the Federal Reserve for a stock rout that market analysts mostly attributed to fresh concern about his trade war with China.

Earlier, Asian markets saw sharp drops as US President Donald Trump said the US Federal Reserve had "gone crazy" with plans for higher interest rates.

Mr Trump said: "I like to see low interest rates". "They're so tight. I think the Fed has gone insane".

Trump has repeatedly touted Wall Street records as proof of the success of his economic programme, including his confrontational trade strategy.

"It's a correction that we've been waiting for for a long time", Trump said. "Now at some point" inflation will come back, he said.

The Federal Reserve is mandated by Congress to aim for low inflation and low unemployment.

The rout in USA shares followed substantial losses on European stock exchanges, due in part to tensions between Brussels and Rome over Italian budget plans that have revived fears about the eurozone.

Reporters asked the president as he deplaned in Erie, Pennsylvania, if he was concerned about Wednesday's market selloff.

"It's just a beginning", CEB International research head Banny Lam told Bloomberg.

"To say risk appetite has taken a hit would be an understatement!"

Numerous biggest USA names fell hard in Wednesday's session, with Apple, Boeing and Facebook all slumping more than four percent and Amazon, Nike and Microsoft shedding more than five percent.

In September, the Fed raised interest rates by 25 basis points for the third time in 2018, raising the target range for its benchmark rate to 2%-2.25%.

Japan's Nikkei and the Hang Seng in Hong Kong were down by up to 4%.

Chinese internet group Tencent fell for the tenth consecutive day, dropping more than 7% through morning trade. The Nasdaq dropped more than 4% in the worst percentage decline since June 2016.

His comments follow a volatile day of trading in the stock markets.

In other markets, oil prices fell sharply on worries that Hurricane Michael, which is battering the U.S. state of Florida, will dent demand for gasoline and other petroleum products.

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