Global stocks tumble after Donald Trump 'crazy' Fed comment

The Dow took a beating Wednesday

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.

"A lot of people were concerned when the QEs were done whether the Fed would ever be able to downsize and I think the market has handled the supply very well, ' Mnuchin said".

"The Fed has gone insane", he told reporters on Wednesday as he arrived in Pennsylvania for a campaign rally.

"Actually, it's a correction that we've been waiting for, for a long time", Trump said regarding the stock market.

He has frequently criticised the United States central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing". The S&P 500 was down 3.3 percent, and the Nasdaq saw losses of 4.1 percent.

"The fundamentals of the U.S. economy continue to be extremely strong, I think that's why the stock market has performed as well as it has".

Fed Chairman Jerome Powell is aiming to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth.

Trump's public criticism of the Federal Reserve, whose chairman, Jerome Powell, Trump appointed, is a sharp departure from his recent predecessors.

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Jasper Lawler, head of research at London Capital Group, offered this explanation: "The bloodbath for global equities comes as investors adjust to a world of higher United States interest rates and United States treasury yields".

Adams said investors have concerns about their future profitability, too, making technology stocks more volatile in the last few months.

Shares on London's FTSE 100 index were down 1.4% in opening trade, while the Frankfurt DAX dropped 1.3% and the Paris CAC shed 1.5%.

She said in addition to rising interest rates, investors also fear that company profit margins will be squeezed by rising costs, including the price of oil.

In September, the Federal Reserve raised short-term interest rates for the third time this year.

Ivan Feinseth, Chief Investment Officer at Tigress Financial Partners, said that although the sell-off caught him off-guard, he thought many investors were unduly frightened by the prospect of rising rates.

Earlier on Tuesday, White House economist Kevin Hassett said the administration respects the Fed's independence and pointed to Trump's nominees to the central bank as evidence of its non-partisan approach to the setting of monetary policy.

The markets suffered steep losses Wednesday. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.

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