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Trump renews Fed criticism on stock market losses

Trump renews Fed criticism on stock market losses

Mubasher: US President Donald Trump lashed out again at the Federal Reserve, claiming that the US central bank’s moves led stocks to lose up to 10,000 points, Bloomberg News reported.

“If the Fed had done its job properly, which it has not, the Stock Market would have been up 5000 to 10,000 additional points,” President Trump said on Twitter on Sunday.

In case Trump was pointing more specifically to the Dow Jones Industrial Average, the tweet hints that the index could have been above 36,000 points if not for the Fed’s moves, Bloomberg said. The Dow index closed at 26,412.30 on Friday.

Trump’s latest attack on the Fed, came amid a torrent of criticism against his recent nomination of businessman Herman Cain and conservative economist Stephen Moore for the Fed’s vacant seats.

Lately, Trump called on the Fed to slash interest rates to boost economic growth.

The US central bank raised interest rates four times last year, but has since hit the brakes, adopting a “patient” approach.

Trump’s remarks also came days after Fed chairman Jerome Powell stated in a Democratic Party retreat that the central bank would not yield to any political pressure.

While the rate hikes have thrown a wrench into the growth of some segments of the economy, US economic expansion generally continued, coupled with the lowest unemployment in decades and inflation approaching the Fed’s 2% target.

Earlier this month, the US president slammed Fed’s actions as “unnecessary and destructive,” while he boasted a “very strong” economic growth.