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Trump blames stock market drop on Federal Reserve

Published: Thursday, October 11, 2018 @ 8:25 AM

For a third straight day, President Donald Trump leveled stern public criticism at the Federal Reserve, directly blaming a recent drop in the stock markets on increases in interest rates, as the President bluntly said the Fed is endangering economic growth under the Trump Administration.

"I think the Fed is out of control," the President told reporters in the Oval Office. "I think what they're doing is wrong."

It was the third consecutive day that Mr. Trump had criticized the Federal Reserve for raising interest rates; last night in Erie, Pennsylvania, the President said the Fed 'has gone crazy.'

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"I think the Fed is far too stringent, and they're making a mistake," Mr. Trump added.

"It's not necessary in my opinion, and I think I know about it better than they do," the President said of the decision to increase interest rates.

Asked if he would fire Federal Reserve Chairman Jerome Powell - his own nominee - President Trump told reporters he was not considering such a move.

The impact of the boost in interest rates might best be seen in the home sale market, as mortgage rates jumped to their highest level in seven years on Thursday, with a 30-year mortgage now at an average of 4.9 percent, up from 4.71 percent last week.

The last time average mortgage rates were near the 5 percent level was in April 2011. One year ago it was just under 4 percent.

The Dow fell over 830 points on Wednesday, and followed that with an over 545 point drop on Thursday, closing at just over 25,000, an over 5 percent loss in two days.

The day that the President took office on January 20, 2017, the Dow stood at 19,827.

"We're still up forty percent," the President told reporters.

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