Posted on 10/11/2018 4:53:05 AM PDT by E. Pluribus Unum
U.S. stock index futures tanked ahead of Thursday's open, as the global market rout continued to thrash stocks.
Around 7 a.m. ET, Dow Jones Industrial Average futures sank 205 points, indicating a loss of about 300 points at the open. S&P 500 and Nasdaq 100 futures also pointed to sharp drops at the open.
Tech shares were also headed for a steep decline after posting their worst day in seven years in the previous session. Facebook and Apple were both down more than 1 percent in the premarket, while Amazon and Netflix dropped at least 2 percent each. Twitter and Alphabet also traded more than 1 percent lower.
Thursday's moves come a day after the Dow sank more than 800 points. Worries over fast-rising interest rates and a steep tech rout sent U.S. equities tumbling on Wednesday. International markets also fell on Thursday. Asia-Pacific stocks saw sharp declines by the region's market close, while European shares tumbled.
Rising U.S. Treasury yields have been keeping investors on their toes in previous sessions. The benchmark 10-year note yield recently hit its highest level in seven years while the two-year yield reached its highest mark since 2008 on Wednesday.
(Excerpt) Read more at cnbc.com ...
Did JFK really say that?
President Donald Trump criticized the Fed’s strategy on more than one occasion on Wednesday, saying that the central bank was “making a mistake” by raising rates. In a telephone interview with Fox News later that day, he said he wasn’t happy with the Fed, and that it was “going loco” and there was no reason for them to continue to raise rates at the pace they were doing.
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He’s absolutely right. The Federal Reserve causes recessions and they may be looking to cause one in time to cause Trump problems for his reelection.
Furthermore, these economic cycles caused by the Fed manipulating interest rates hurt America, especially the wage earners.
We would have less inflation and more prosperity if the Fed let the market determine interest rates.
He didn’t say as much, but he sure acted:
“On June 4, 1963, John F. Kennedy signed Executive Order 11110. The order called for the issuance of $4,292,893,815 in United States Notes through the U.S. treasury rather than the Federal Reserve System the central banking system of the United States, which is neither federal nor a system owned by the government; it is a private entity.”
Trump is questioning the motives of the rate hike .
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He’s right. It’s great to finally have a president who knows what’s going on with the Fed.
Hopefully, he’s giving notice that he’ll use the Treasury to counter their actions if they keep manipulating interest rates.
The trading doesn't begin until 0930, Eastern Standard Time.
Maybe the only think that Crazy Bernie Saunders and Ron & Rand Paul agree upon is that we are way overdue to audit and reign in the Fed.
at 8:15 central time the futures are down 55, not 300.
Anybody else find the timing of this sell off a bit more than curious?
I find it highly predictable and not curious. The same pattern has emerged over the last 35 years or more. Bank earnings will be the solid tell and of course the Walmart indicator.
It’s a minor correction.
People should get a grip...............
first 30 minutes and no drop like yesterday.
Pullbacks are a fact of life.
The Feds are funding the government, why does everyone think this is the Feds fault? We are in charge of electing these politicians that spend like drunken soldiers, not the Feds. The Fed is just an entity that WE created (Government) because we want things now, on credit, and feel future generations need to pay for it.
Oh, btw, those QEs are going to be calling soon.
Realize that! Just as the headline indicated, it was future!
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