US Stock Markets Regain Footing After Plunge

The Dow took a beating Wednesday

"It is a correction that I think it is caused by the Federal Reserve, with interest rates", Trump told reporters at the White House. "The Fed is going wild". He has imposed tariffs on an estimated half of all Chinese goods imported to the USA, worth some 250 million dollars. The figure calmed investors because a high reading could fuel expectations that the Fed would keep raising its interest rates at a steady pace.

On Wednesday, FBI director Christopher Wray said that China represents the "broadest, most complicated, most long-term" threat to the United States and that it is waging a massive influence campaign over American voters ahead of the November midterm elections.

"I'm paying interest at a high rate because of our Fed", he added, referring to the cost of servicing the USA deficit.

While acknowledging that higher rates helped savers, he criticised the Federal Reserve's moves. The Fed is an independent body and presidents in recent decades have avoided commenting publicly on its actions.

He added later, "The problem, in my opinion, is Treasury's and the Fed".

On Wednesday, Mr Trump said the Fed had "gone crazy", prompting a response from International Monetary Fund head Christine Lagarde, who said she "would not associate" Mr Powell "with craziness". "But I think the Fed has gone insane", he went on.

"I'm not thrilled because we go up", he explained, "and every time we go up they want to raise rates again, and I don't really - I am not happy about it, but at the same time I'm letting them do what they feel is best".

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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.

"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement.

The stock market has risen markedly since Trump took office, and the unemployment rate has fallen from 4.8 per cent to 3.7 per cent.

Chinese internet group Tencent fell for the tenth consecutive day, dropping more than 7% through morning trade. Along with Dow, the S&P 500 tumbled 3.3 percent and the Nasdaq composite fell by four percent.

The Dow plunged almost 832 points on Wednesday, the third-worst point decline in history.

But one unintended outcome is that raising interest rates can scare off investors and precipitate a sell off in equities.

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