After Stock Market Drop, President Trump Says Federal Reserve ‘Has Gone Crazy’

President Trump speaks to reporters while departing for travel to Iowa from the White House in Washington

US President Donald Trump said that last night's stock market sell-off was in fact along-awaited "correction", and that the Federal Reserve, which has been raising US interest rates, had gone "crazy".

"A lot of people were concerned when the QEs were done whether the Fed would ever be able to downsize and I think the market has handled the supply very well, ' Mnuchin said".

"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", Trump told reporters before a political rally in Pennsylvania.

He has frequently criticised the U.S. central bank for gradually raising interest rates, and on Wednesday reiterated his position: "I really disagree with what the Fed is doing".

The tech-rich Nasdaq Composite Index plummeted 4.1 percent to finish the session at 7,422.05, its worst fall in percentage terms since the surprise Brexit vote in June 2016.

"The fundamentals and future of the US economy remain incredibly strong", Sanders said in a statement.

Adams said investors have concerns about their future profitability, too, making technology stocks more volatile in the last few months.

Taiwan plunged almost 6%, with Seoul down 3% and Sydney and Singapore both falling 2% after US Donald Trump said the Federal Reserve had "gone crazy" with plans for higher interest rates.

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Money Map Press chief strategist Keith Fitz-Gerald, Fox Business correspondent Kristina Partsinevelos and Capital Wave forecast editor Shah Gilani discuss President Trump's criticism of the Federal Reserve.

Jasper Lawler, head of research at London Capital Group, offered this explanation: "The bloodbath for global equities comes as investors adjust to a world of higher USA interest rates and U.S. treasury yields". As stocks go down, tech goes down more than the stock market, ' she said.

Bourses in Paris and Frankfurt both lost more than two%, while London fell 1.3%.

On Friday, federal data showed that the US jobless rate fell to 3.7 percent in September, its lowest point since 1969.

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.

Trump was briefed on the market turmoil earlier in the day, a White House official said.

Currency investors took shelter in the safe-haven yen, resulting in steep losses for Japanese exporters, with electronics giant Sony down almost five percent as blue-chip firms flashed red across the trading board. In Paris, shares in Kering fell almost 10 percent, LVMH over seven percent and Hermes around five percent.

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