Trump calls stock selloff 'a correction,' says Federal Reserve is 'crazy'

Mnuchin Says U.S. Markets ‘Correction’ Is Not Very SurprisingMore

President Trump said that the Federal Reserve has "gone crazy" on short-term interest rates, marking his latest swipe at policy makers in reaction to the stock market's tumble on Wednesday. "No, I think the Fed is making a mistake".

"I think the Fed has gone insane", he said.

"It's a correction that we've been waiting for for a long time", Trump said.

The Dow Jones Industrial Average plummeted 832 points on Wednesday, recording its largest single-day point drop since February.

Trump has often pointed to stock market records set during his time in office as a measure of his success. The Fed is doing what it thinks is necessary, but I don't like what they're doing because we have inflation really checked and we have a lot of good things happening.

Most Fed officials see a bit more tightening ahead for the Fed than Mr Evans indicated on Wednesday. "But I think the Fed has gone insane", he went on. The IMF projections don't take into account Trump's threat to expand the tariffs to effectively all of the more than $500 billion in goods the US bought from China a year ago. The Fed policy has been criticized by President Donald Trump.

"I like low interest rates", Trump said.

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Fed spokeswoman Michelle Smith declined to comment on Trump's remarks.

The biggest driver for the market over the last week has been interest rates, which began spurting higher following several encouraging reports on the economy. Powell said last week he expects to stick with the current path of gradual interest-rate hikes while monitoring risks in the economy.

White House Press Secretary Sarah Sanders said in a statement following the close of markets that the U.S. economy is "incredibly strong" despite the selloff, which analysts attributed in part to trade tensions with China.

The turmoil on stock markets came a day after the International Monetary Fund slashed its global growth forecast on worries about trade wars and weakness in emerging markets.

The markets have been on a historic climb - with the Dow and S&P each notching dozens of new highs since 2016 - buoyed by a strong USA economy and solid corporate earnings.

Those financial crisis-inspired programmes - such as quantitative easing - are now ending and the Fed has raised USA interest rates three times already this year - raising borrowing costs - and could add a fourth hike by the end of 2018.

During an event earlier Wednesday amid the sell-off, Trump and his top economic adviser, Larry Kudlow, said they believed the US economy was strong.

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