It really bothers us to report nonsense. But when there are headlines flying around that could have an impact on the markets, it’s hard not to talk about it.

Trump launched another scapegoating attack on Fed and said, referring to the over 800 pts fall in DOW, “I think the Fed is making a mistake. They are so tight. I think the Fed has gone crazy.” He added “actually, it’s a correction that we’ve been waiting for for a long time, but I really disagree with what the Fed is doing.”

Later he doubled down and said in a telephone interview that “the problem I have is with the Fed. The Fed is going wild. I mean, I don’t know what their problem is that they are raising interest rates and it’s ridiculous.” “The problem [causing the market drop] in my opinion is Treasury and the Fed. The Fed is going loco and there’s no reason for them to do it. I’m not happy about it.”

It’s again typical Trump in blaming the others. When the stock market hit record highs, did we hear the praise that Fed has done a great job? When unemployment is at record lows, with inflation at target, is Fed given the credits for meeting it’s dual mandates? Trump claimed all the credits all the way. When things turn, it’s others’ faults.

And, with federal funds rates at 2.00-2.25% and Fed still having a massive balance sheet, describing monetary policy as being “so tight” is a lie. When you disagree with what the Fed is doing, it doesn’t necessarily mean it’s crazy. Fed’s decisions are collective made by a committee of rational professionals and intellects. It looks more like Trump himself is the crazy one.

And after all, he nominated Fed chair Powell and hired Treasurer Mnuchin. Add to the long list of people you hired and fired. If you keep on hiring the wrong people, then you are the problem, POTUS. You better quit.

Anyway, enough rants. Let’s move on .

Dallas Fed President Robert Kaplan said “the issue with the resurgence in the virus is it slowed down or somewhat muted the recovery we’ve been expecting”. Hence, “the better again we manage the virus, the better we’ll recover.”

“I believe the economy needs a continuation of the unemployment benefits,” Kaplan told CNN. “It may not need to be in the same form as it currently is, but we need a continuation.”

Chicago Fed President Charles Evans said “the U.S. economy continues to grow above trend … U.S. economic outlook is quite good, it still has strong fundamentals.” The two rate cuts this year were “modest adjustments” as “risk management to help make things work out better as we strive to bring in growth at about 2% over the next 18 months”.

He added that “if there is an event that shocks the world economy or the U.S. economy, these modest adjustments are not going to be nearly enough”.