Trump Takes Swipe at Fed as Stocks Tumble

US President Donald Trump said yesterday's stock market selloff was in fact a long awaited "correction", and that the Federal Reserve, which has been raising US interest rates, has gone "crazy". "I think we don't have to go as fast".

"Actually, it's a correction that we've been waiting for, for a long time", Trump said about the market selloff.

At market close Wednesday, the Dow Jones average was still up more than 5,000 points since President Trump took office. "But I really disagree with what the Fed is doing, okay?"

Trump has slapped tariffs on $250 billion in Chinese goods this year, and Beijing has retaliated with levies of $110 billion of American products. The criticism is also unusual given that Jerome Powell, the Fed chairman, was appointed by Mr... By convention presidents rarely comment on central bank policy because the Fed is meant to be independent of politics.

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The Dow Jones Industrial Average fell 3.15 percent, the S&P 500 lost 3.29 percent, and the Nasdaq Composite dropped 4.08 percent. It followed a bleak session in Europe, where Germany's Dax and France's Cac 40 had each ended the day more than 2% lower.

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After the central bank announced its third increase of the year in September - a quarter-point boost that raised the benchmark federal funds rate to a target range of 2 percent to 2.25 percent - Trump said he was "not happy" about it.

White House Press Secretary Sarah Sanders issued a statement on the drop as well.

Fed Chairman Jerome Powell is aiming to extend the second-longest US economic expansion on record by moving interest rates up just quickly enough to prevent overheating, but not so rapidly that the central bank chokes off growth. "It's probably healthy. This will pass and the USA economy remains strong".

Just two hours before, CNBC reported that an unnamed senior White House official told its correspondent that, "This is a bull market correction". "It is doing well", Trump said.

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