- "The Fed has gone crazy," Pres. Trump says in reaction to today's stock market plunge. "It's a correction that we've been waiting for for a long time, but I really disagree with what the Fed is doing."
- Based on today's rout, which caps five straight declines on the S&P 500, investors appear to agree; the losing streak follows Fed Chair Powell's Oct. 3 comment that the central bank is "a long way" from getting rates to neutral.
- The stock market drop will not stop the Fed from normalizing rates, but that's a good thing, economist Mohamed El-Erian tells CNBC.
- "It's not an easy transition. It's going to be volatile but over the long term it's better for the health and robustness of markets," El-Erian says, adding that he expects the pullback to be temporary because of strong U.S. economic growth.
- ETFs: SPY, VOO, SH, SDS, IVV, SSO, SPXU-OLD, UPRO, SPXL, RSP, SPXS, VFINX, EPS, BXUB, SPLX, SPUU, BXUC, SFLA, SPDN, SPXE, SPXT, PPLC, SPXV, RYARX, SPXN, DMRL, RVRS, USMC, PLW, GOVT, EGF, TAPR, FTT, FIBR, USTB
- Now read: Weighing The Week Ahead: Do Rising Interest Rates Signal The Beginning Of The End?
Original article