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

Irving Hamilton
October 11, 2018

President Donald Trump reportedly said the Federal Reserve "has gone crazy" by raising interest rates, continuing his criticism of the central bank's path on monetary policy.

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

"I think the Fed has gone insane", Trump said.

According to Donald Trump, before departing for another campaign event in Iowa: "well, I like to see low interest rates".

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Fed Chairman Jerome Powell is aiming to extend the second-longest USA 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. "I just don't think it's necessary to go as fast".

Inflation, which had been worrisomely low in Evans' view, is now at the Fed's 2-percent target. "I like to stay uninvolved", Trump said. By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

Trump was briefed on the market turmoil earlier in the day, a White House official said.

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